BitMEX has announced the cessation of operations. Its parent company, HDR Global Trading Limited, stated that the decision to shut down was made after a strategic review. The platform also emphasized that user assets remain safe during the transition period, and funds can be withdrawn according to procedures.

BitMEX's historical position

BitMEX, established over 11 years ago, was once known for its 100x leveraged perpetual contracts. The article states that this type of product was later adopted by several major derivatives exchanges, including Binance, Bybit, OKX, and Deribit.

From peak to contraction

The article mentions that BitMEX held a significant share of global futures open interest around 2019, but its market share declined rapidly after US regulators filed a lawsuit against its founder in 2020. Subsequently, platforms such as Binance Futures, Bybit, and FTX expanded their influence.

CZ responded.

Binance founder Changpeng Zhao expressed his regret on social media, noting that BitMEX pioneered the development of crypto perpetual contracts in 2014. He also mentioned that BitMEX failed to withstand the stringent regulatory environment imposed on the crypto industry by the previous US administration.