Cryptocurrency Exchange BitMEX to Cease Operations
BitMEX, a cryptocurrency exchange whose founders were pardoned by former U.S. President Donald Trump in 2023, announced it will shut down its operations on September 23 after completing a strategic review of the business and broader crypto industry conducted by its owner HDR Global Trading. The company urged users to withdraw their assets before the closure date but did not provide specific reasons for the shutdown. The move comes amid declining cryptocurrency prices following a rally fueled earlier this year by Trump's re-election win, which has since lost momentum due to slow progress on U.S. crypto legislation and concerns over potential bitcoin selling from digital asset treasury companies. Analysts suggest that BitMEX’s closure may reflect ongoing consolidation in the competitive exchange market but is unlikely to have significant broader impact given its small daily trading volume of around $400,000 and a market share under 0.01%.
Topics: BitMEX Cryptocurrency Exchange Shutdown