BitMEX Shuts Down Amid Prolonged Crypto Downturn

BitMEX, the exchange that pioneered highly leveraged Bitcoin derivatives, has announced it will be shutting down. The company, owned by HDR Global Trading Ltd., stated in a blog post on Thursday that operations will begin winding down and will close on September 23.

The decision comes as the crypto industry continues to face a prolonged downturn, affecting trading activity across various platforms. BitMEX had previously stopped accepting new account registrations, according to its announcement.

BitMEX was among the first exchanges to offer 100x Bitcoin leverage, a feature that has become a staple of crypto trading. The exchange's closure is likely to impact traders who have grown accustomed to using these highly leveraged derivatives.