BitMEX, one of the oldest crypto derivatives exchanges, will shut down on September 23, 2026, according to its operator HDR Global Trading, citing a strategic review of the business and broader crypto industry as the reason. The platform has halted new sign-ups, with trading allowed until August 26 and users required to withdraw funds before the deadline. Founded in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, BitMEX pioneered perpetual swaps with up to 100x leverage and once controlled 57% of the crypto derivatives market. In 2024, the exchange pleaded guilty to violating the Bank Secrecy Act and paid $100 million in penalties.
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