BitMEX, the legendary cryptocurrency exchange, has announced its permanent shutdown. HDR Global Trading Limited, the exchange’s owner, made this difficult decision following a strategic business review. Founded over 11 years ago, the platform is best known for inventing 100x leveraged perpetual swaps that revolutionized the crypto derivatives industry. Around 2019, it accounted for approximately 50% of global futures open interest. Regulatory troubles in 2020, when U.S. authorities charged its founders including Arthur Hayes with anti-money laundering violations, marked the beginning of its decline, with users being given time to safely withdraw their funds.
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