The closure of crypto derivatives exchange BitMEX marks accelerating consolidation in the sector as trading volume hits $86.2 trillion annually.
Crypto derivatives exchange BitMEX will cease operations on Sept. 23, following a strategic review by parent company HDR Global Trading. The shutdown announcement led to a more than 90% plunge in its utility token, BMEX, according to CoinMarketCap data.
BitMEX, once a leader in offshore perpetual derivatives, saw its market share decline sharply. In August 2023, it ranked ninth among derivatives exchanges with a 0.9% share of trading volume. By 2025, it had fallen out of the top 10 as annual perpetual trading volume surged 47.4% to a record $86.2 trillion.
The exchange’s exit reflects broader industry shifts, with regulated platforms like Coinbase now offering similar products under CFTC oversight in the U.S. and other jurisdictions.