BitMEX Announces Closure After 11 Years of Operations
Cryptocurrency exchange BitMEX announced it will shut down in September after operating for over a decade, following a strategic review. New user registrations have been halted immediately, and users can continue trading until August 25 before entering reduce-only mode on August 26. All open positions are set to be force-closed by September 23. BitMEX was known as the first exchange to introduce perpetual swaps in 2016, a feature that became widely adopted across crypto markets. The company emphasized its strong security record with no funds lost due to hacks during its operational history. At peak valuation, BitMEX held $4.4 billion in assets but now holds approximately $900 million. The broader cryptocurrency market has faced challenges since October 2026, including a decline in Bitcoin's value and regulatory developments such as the Genius Act and proposed Clarity Act.
Topics: BitMEX Cryptocurrency Exchange Closure