BitMEX to Shut Down After 11 Years, Ending the Exchange That Invented Crypto Perpetuals

• BitMEX‘s shutdown on Sept. 23, ending an 11-year run for one of crypto’s earliest derivatives exchanges
• BitMEX introduced crypto perpetual swaps and popularized 100x leverage, products that later became an industry standard
• Co-founder Arthur Hayes has bought 3,270 ETH worth about $6.27 million over the past eight days, including a fresh $1.25 million purchase

BitMEX is preparing a shutdown after more than a decade in business. It brings an end to one of crypto’s earliest derivatives exchanges. BitMEX’s shutdown comes at a time when perpetual futures dominate trading across the industry, a product the platform helped introduce in 2016. The exchange no longer commands the market share it once did. But its influence on crypto derivatives remains visible across nearly every major trading platform.

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Why BitMEX’s Shutdown Matters to the Crypto Derivatives Market

BitMEX said it will permanently cease operations at 04:00 UTC on Sept. 23 and has already stopped accepting new user registrations. Existing users have been asked to close open positions and withdraw their assets before the deadline.

Founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, BitMEX became one of crypto’s largest derivatives exchanges during the last decade. The platform introduced perpetual swaps, futures contracts without an expiry date, and popularized 100x leverage. These were features that were later adopted across the crypto derivatives market.

Its growth slowed after US regulators accused the company in 2020 of operating without adequate anti-money laundering controls. Hayes and his co-founders later pleaded guilty to Bank Secrecy Act violations. Meanwhile, BitMEX reached settlements with the US Commodity Futures Trading Commission and the Financial Crimes Enforcement Network. As regulatory scrutiny increased, competitors including Binance and Bybit captured a larger share of the market.

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Arthur Hayes Continues Buying Ethereum

BitMEX’s shutdown does not mark Arthur Hayes’ exit from crypto. According to onchain tracker Lookonchain and blockchain analytics platform Arkham, Hayes purchased another 644 ETH, worth about $1.25 million, on Wednesday. His purchases over the past eight days now total 3,270 ETH, valued at roughly $6.27 million.

Those transactions come weeks after Hayes doubled down on his long-term bullish stance on Ethereum and digital assets. While BitMEX prepares to wind down operations, its founder continues to deploy capital into the market.

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