BitMEX Shuts Down After 11-Year Run Amid Ongoing Regulatory Issues

BitMEX has announced that it will be shutting down its operations after an 11-year run. The company, which is a major player in the cryptocurrency derivatives market, notified users of the decision on February 23, according to CoinDesk.

The move comes as a result of the company's efforts to restructure and comply with regulatory requirements. In October last year, BitMEX agreed to pay $100 million to settle charges brought by US authorities related to anti-money laundering (AML) and know-your-customer (KYC) violations.

BitMEX has been a prominent player in the cryptocurrency market since its inception in 2014, providing derivatives trading services for Bitcoin and other cryptocurrencies. However, the company's decision to shut down its operations marks an end to its nearly decade-long run in the industry.