BitMEX's Closure Marked by New US Routes for Crypto Perpetuals

Crypto perpetuals have long operated in a regulatory grey area in the US. This changed with BitMEX's decision to shut down on September 23 after an 11-year run. According to the company, this was part of a strategic review and not linked to recent regulatory changes.

The CFTC has been scrutinizing digital-asset derivatives since issuing staff advisories in 2018 and 2023. BitMEX used an offshore, direct-access model but was accused by the regulator of accepting orders from US customers without registering as a futures commission merchant. The exchange settled with the CFTC and FinCEN for $100 million in 2021.

However, since March 2025, the CFTC has withdrawn these advisories, treating digital-asset derivatives like other derivatives products. Acting Chair Caroline Pham opened a consultation on perpetual contracts that month, and regulated exchange Bitnomial self-certified BTC/USD perpetual futures for institutional trading in April.

The key difference between US firms offering perpetuals today and BitMEX's situation is the regulatory wrapper. Designated contract markets like Bitnomial and Kalshi are CFTC-regulated exchanges subject to rules for market integrity, surveillance, and risk management. Coinbase uses another route, connecting customers to qualifying contracts on Deribit through a registered futures commission merchant.

While BitMEX's closure does not signal the end of offshore perpetuals, US firms now have defined routes to list domestic perpetuals or intermediate foreign ones. However, these routes come with operational obligations, including margin and customer-fund risks when banks are closed.