BitMEX, the exchange that pioneered 100x leverage perpetual swaps, will cease all operations on September 23, 2026. At its peak between 2018 and 2019, the platform commanded over 50% of the cryptocurrency derivatives market, with daily volumes reaching $8 billion and annual volume exceeding $1 trillion. Founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, the exchange faced heavy regulatory scrutiny in 2020 when the US Department of Justice and CFTC charged it with violating the Bank Secrecy Act, triggering an exodus of institutional traders to better-regulated platforms. Users have until September 23 to withdraw their funds.
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