Once a dominant force in crypto derivatives, BitMEX has completed a business review and confirmed it will shut down on September 23, instructing customers to close positions and withdraw funds beforehand. Unlike the collapse of FTX, this closure comes without a balance-sheet shortfall, frozen withdrawals, or bankruptcy proceedings. Kaiko data illustrates how far the exchange has faded, showing its market share below 0.01% and daily trading volume of roughly $400,000. The orderly wind-down reflects a company that has become commercially irrelevant rather than one facing a solvency crisis. Observers suggest the contrast signals a shift in where crypto's genuine risks now lie, moving away from centralized exchange failures toward newer or less transparent corners of the industry. BitMEX's departure marks the quiet end of a platform that helped pioneer leveraged crypto trading.
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