BitMEX to Shut Down Sept. 23, BMEX Token Crashes 90%
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- BitMEX will cease trading on Sept. 23 after parent HDR Global Trading's strategic review concluded with a shutdown of the exchange founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed.
- BMEX, BitMEX's utility token, plunged more than 90% after the wind-down announcement, per CoinMarketCap data.
- BitMEX's market share had eroded to 0.9% by August 2023 (ninth among derivatives exchanges per CoinGecko), and by 2025 it had fallen off the top 10 perpetual exchanges entirely.
- Annual perpetual trading volume across top platforms climbed 47.4% to a record $86.2 trillion in 2025, even as BitMEX exited the leaderboard.
- Coinbase launched CFTC-regulated perpetual-style futures in May after receiving no-action relief, and secured a UK investment services license this month to expand its derivatives business.
- Kraken launched CFTC-regulated perpetual futures in June via its recently acquired Bitnomial exchange, and the CFTC also approved Bitcoin perpetual futures for Kalshi.
Why it matters: BitMEX pioneered perpetual derivatives a decade ago but fell off CoinGecko's top 10 by 2025 while the category hit $86.2 trillion in volume — that 47.4% growth is now flowing to regulated venues like Coinbase, Kraken and Kalshi. BMEX holders took a 90%+ hit while users have until Sept. 23 to migrate positions.
