Cryptocurrency exchange BitMEX to shut down

• Owner HDR Global Trading made the shutdown decision as part of a strategic business review, with user assets remaining safe and under their control
• Bitcoin has plummeted nearly 50% from its October 2025 all-time high of $126,223 to around $65,676, amid market volatility and persistent ETF outflows
• BitMEX co-founders pleaded guilty in 2022 for failing to implement Bank Secrecy Act-compliant anti-money laundering programs between 2015-2020, but received pardons from Trump as part of looser crypto regulation policies

BitMEX Cryptocurrency Exchange to Shut Down Operations

Cryptocurrency exchange BitMEX announced Thursday it will cease operations effective September 23, 2025, following a strategic business review by its owner, HDR Global Trading. The platform has urged its users to close open positions and withdraw funds before the closure date, assuring that all user assets remain safe and under their control.

Company Background and Legal History

Founded in 2014, BitMEX serves institutional and professional derivative traders and claims over 2 million users on its platform. The exchange's three co-founders—Benjamin Delo, Arthur Hayes, and Samuel Reed—pleaded guilty in 2022 to violating the Bank Secrecy Act by failing to implement compliant anti-money laundering and "know your customer" programs between 2015 and 2020. President Donald Trump pardoned them last year as part of his administration's crypto-friendly regulatory approach.

Market Context

The shutdown occurs amid challenging conditions in cryptocurrency markets. Bitcoin currently trades at $65,676, down nearly 50% from its October 2024 all-time high of $126,223.18. The decline represents a significant retreat from gains following Trump's re-election to his second presidential term.

Broader crypto markets have struggled in 2025 due to heightened volatility and persistent outflows from crypto-tracking ETFs. Despite Trump's campaign promises to support the crypto industry after courting donors, investor sentiment has been negatively impacted by slow progress on U.S. crypto legislation and concerns about potential bitcoin selling by digital asset treasury companies.

The BitMEX closure marks a significant development in the crypto exchange landscape during a period of regulatory uncertainty and market weakness.