Veteran Crypto Exchange BitMEX to Shut Down in September

One of the pioneers of cryptocurrency derivatives trading and the creator of the 100x perpetual swap will permanently cease operations on September 23 after deciding to wind down the business.

The company has been active for more than 11 years, making the decision even more painful for the broader cryptocurrency industry.

Closing Down

The statement just published by BitMEX stated that the exchange will cease operations on September 23 this year at 04:00 UTC. Its parent company, HDR Global Trading Limited, said the move came after a strategic and detailed review of both the business and the crypto industry as a whole.

The trading platform has halted new account registrations and has urged existing users to close all open positions and withdraw their assets before the deadline.

BitMEX saw the light of day in 2014 and helped shape the modern crypto derivatives market. It introduced 100x leveraged perpetual swaps, a product that later became the industry standard and was eventually adopted by essentially every major crypto derivatives competitor. At its peak, BitMEX ranked among the world’s largest crypto exchanges, attracting professional traders with deep liquidity and advanced trading tools.

… Continue reading the full article at the original source below.