BitMEX, often called the 'OG' of the crypto derivatives market and the pioneer of 100x leverage, is set to shut down on September 23, marking the end of its 11-year history.

According to reports from Reuters, The Block, Cointelegraph, and others, BitMEX's parent company announced that they have decided to close permanently following a strategic review. This marks the end of an 11-year journey for the exchange, which helped define the early crypto market by popularizing perpetual futures after being co-founded by Arthur Hayes in 2015. The exchange currently states that all user funds are secure and advises users to close all positions and withdraw their funds before September 23.

Hearing this news really feels like the end of an era. BitMEX was the symbol of that dynamic, lawless feel of the early crypto market. However, after facing various legal risks in recent years—including a $100 million fine for violating the Bank Secrecy Act—and losing ground to large, regulated institutional-grade exchanges, it seems they have made the tough decision to shut down. This feels like a symbolic moment marking the final transition of market dominance toward institutional and large-scale exchanges. If you have open positions, make sure to check the deadline and withdraw your funds without delay!

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