BitMEX to Shut Down Permanently After 11-Year Run
BitMEX, once the dominant force in cryptocurrency derivatives trading, has announced that it will shut down its operations on September 23. The exchange's decision to cease trading comes after an 11-year run, during which time it pioneered the perpetual swap and reshaped digital asset derivatives.
The shutdown was triggered by a strategic business review conducted by parent company HDR Global Trading. As a result of this review, BitMEX has halted new account registrations and is urging existing customers to close open positions and withdraw funds as soon as possible.
Users who fail to pull their assets before the deadline will face automatic penalties, with a monthly maintenance fee of $50 or an annualized 1% levy on remaining balances, whichever is greater. The wind-down will proceed in phases, starting with reduce-only mode from August 26 and systematic forced-closures of remaining contracts thereafter.
BitMEX's BMEX token has plummeted over 90% since the shutdown announcement, its market capitalization collapsing to around $497,000.