BitMEX, the crypto derivatives exchange founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, will shut down on September 23 following a strategic review. The exchange holds $739 million in customer assets and a $270 million insurance fund ($239 million in BTC and $31 million in USDT), with its fate remaining unclear. All three founders pleaded guilty in 2022 to anti-money laundering violations, each fined $10 million with an additional $100 million fine for the exchange, though later pardoned by President Trump. Trading volume had collapsed dramatically prior to the shutdown, with only 14 days exceeding $1 million since January 2026. The platform’s BMEX token crashed 97% in just four hours following the announcement.
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