BitMEX, a pioneering cryptocurrency derivatives trading platform, will cease operations in September after eleven years. Its market share in Bitcoin futures has plummeted to 0.08%, with approximately $84 million in daily volume, facing intensifying competition from Binance and Hyperliquid. The platform is battling a class action lawsuit alleging it fraudulently engineered customer liquidations, and its utility token BMEX collapsed after the announcement. The exchange’s demise illustrates broader industry consolidation, with the top five platforms now controlling an estimated 80% of global spot volume. On US crypto market structure legislation, negotiations are stalling over ethics rules and enforcement, with only a 38% chance of the CLARITY Act passing this year according to Polymarket.
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