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BitMEX shutdown and legal actions

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2026-07-26 02:53 UTC → 2026-07-27 08:31 UTC · added removed

In late July 2026 the cryptocurrency derivatives cryptocurrency‑derivatives exchange BitMEX announced that it will cease operations on 23 September 2026 at 04:00 UTC. The closure shutdown follows a strategic review by its Seychelles‑registered parent company and comes after years of regulatory scrutiny, including previous U.S. DOJ and CFTC actions against its founders. The platform halted new account registrations immediately and moved to a reduce‑only mode from 26 August, forcing the closing of remaining positions before a final forced liquidation on the shutdown date. The announcement prompted a sharp decline in the BMEX token (down over 90 %) and a 96 % drop in Bitcoin open interest on the exchange. On BitMEX was co‑founded in November 2014 by Arthur Hayes, Ben Delo and Samuel Reed. It pioneered the same day, crypto perpetual swap, once commanded more than 50 % of the derivatives market and reported annual trading volume exceeding $1 trillion. After the October 2020 DOJ and CFTC charges, the founders pleaded guilty, were later pardoned by President Donald Trump in 2025, and remain subject to a U.S. class‑action lawsuit was filed in the Southern District of New York alleging improper liquidation of customer positions and insider‑trading practices that exposed private client data. The complaint targets founders Arthur Hayes, Ben Delo and Samuel Reed and seeks restitution of more than 622 BTC, as well as compensatory and punitive damages. practices. BitMEX has assured users that assets remain under their control and urged prompt withdrawals to avoid potential fees. before the deadline, warning of possible fees for delayed action. Analysts expect the remaining trading volume to migrate to competing platforms, platforms with limited broader market disruption.

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  1. 2026-07-27 08:31 UTC BitMEX shutdown and legal actions
  2. 2026-07-26 02:53 UTC BitMEX shutdown and legal actions

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