BitMEX shuts down after 11 years due to increased competition
BitMEX, a pioneer in cryptocurrency derivatives trading, will shut down operations in September.
The exchange launched in 2014 and introduced 100x leverage perpetual swaps, but has seen volumes decline in recent years due to competition from major exchanges like Binance.
BitMEX’s share of the Bitcoin futures market has fallen to 0.08%, with roughly $84 million in daily trading volume.
The shutdown comes as the company faces a lawsuit and increased competition from decentralized protocols like Hyperliquid.