BitMEX, the cryptocurrency derivatives exchange founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, will shut down on September 23 after years of declining market share. The BMEX utility token plummeted over 90% following the announcement. BitMEX ranked ninth among derivatives platforms in August 2023 with a 0.9% market share but had dropped out of the top 10 by 2025, while annual perpetual trading volume across leading platforms reached a record $86.2 trillion, up 47.4%. This closure illustrates the sector’s consolidation, as products once exclusive to offshore platforms are now increasingly offered by regulated venues in the United States and the United Kingdom.
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