Crypto exchange BitMEX says it will close on September 23 and tells users to withdraw assets; Trump pardoned its founders in 2025 for not implementing AML rules
ReutersAkanksha Khushi
Context & Ripple Effects
BitMEX's planned exit follows its 2024 guilty plea over inadequate AML controls and a subsequent report that it was seeking a buyer. The closure is therefore the latest operating outcome in a longer compliance and ownership arc, not evidence that any single event caused the shutdown.
The founders' 2025 pardons addressed their prior criminal cases, while the exchange's closure shows that founder-level legal relief and the viability of an operating platform can diverge.
First-order effects
BitMEX users must withdraw assets before the September 23 shutdown, ending their ability to use the exchange after operations cease.
BitMEX will wind down its exchange business despite saying customer assets are safe; its founders' pardons do not keep the platform operating.
Second-order effects
Customers who want to continue trading will need to move assets and activity to other venues, creating a near-term retention opportunity for competing exchanges.
The shutdown renews scrutiny of how exchanges' AML governance affects their durability, particularly for platforms serving users across jurisdictions.
Third-order effects
If comparable closures continue, crypto-market activity may concentrate in platforms able to sustain compliance operations as well as trading infrastructure.
The episode reinforces the crypto legitimacy gap: legal outcomes for individuals and operational consequences for exchanges can remain separate, potentially making compliance history a more durable competitive differentiator.
The trend: Crypto exchanges are increasingly being judged not only on product liquidity but on whether their compliance systems can support a durable operating business.
BitMEX was the first crypto futures exchange that we started trading on. It gave us believe that the market is inefficient and it makes sense to spend efforts on it Bye bye legend, it was a pure and wild fun, we will never forget that times!
BitMEX recorded $84M in BTC futures volume yesterday, representing 0.08% of the market. It was a great exchange that helped shape the industry, and now it is passing the torch to the next generation of exchanges it inspired. [image]
“a flawless track record of 0 customer funds lost to hacks” The rest of you lot trounced by the woodchipper and spat out by the overload error: rest in piss. Daddy needs a new rari. GG bitmex, even with the inevitable tinge of nostalgia, you won't be missed.
Wow, end of an era. This means that they can capture the reminder of the insurance fund & excess assets: currently c.$300m. It is probably the main reason behind the wind down. Thank you for the perps, massive product innovation, and the memories.