BitMEX to Shut Down Sept 23 as Regulated Perpetual Futures Surge
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- BitMEX announced it will shut down, with trading scheduled to end Sept. 23 following a strategic review by parent HDR Global Trading, the exchange co-founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed.
- BMEX, BitMEX's utility token, plunged more than 90% after the shutdown announcement, per CoinMarketCap data.
- BitMEX's market share fell from 0.9% (9th among derivatives exchanges, per CoinGecko, August 2023) to falling entirely off the top 10 perpetual exchanges list by 2025, even as annual perpetual trading volume across those platforms climbed 47.4% to a record $86.2 trillion.
- Regulated US venues are now offering what BitMEX pioneered: Coinbase launched CFTC-regulated perpetual-style futures in May after receiving no-action relief, the CFTC approved Bitcoin perpetual futures for Kalshi, and Kraken rolled out CFTC-regulated perpetual futures in June via its Bitnomial acquisition.
- Coinbase secured a UK investment services license this month to expand its derivatives business ahead of the country's new crypto regulatory regime, extending the regulated-perpetual trend beyond the US.
Why it matters: BitMEX's exit closes the offshore chapter of perpetual derivatives just as CFTC-supervised US venues (Coinbase, Kraken, Kalshi) absorb that product category — traders who used BitMEX's unregulated leverage now have compliant onshore alternatives, while BitMEX's BMEX holders absorbed a 90%+ wipeout on the wind-down news.
