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CryptoMedium•24 July 2026•
1 min read

BitMEX to Shut Down Operations as Native Token Plummets 90%

Key Facts

1BitMEX, one of the world's first perpetual crypto exchanges, is permanently shutting down its services.
2The exchange's native token lost 90% of its value following the shutdown announcement.
3The closure occurs amid a class-action lawsuit seeking 623 BTC from the exchange.

In a move marking the end of a pioneering era in the digital derivatives sector, BitMEX has announced the permanent closure of its exchange services. As one of the world's first venues to popularize perpetual swaps, the platform's decision to sunset its operations follows a strategic review. According to reports, new registrations have been halted, and users are advised to withdraw funds ahead of the final wind-down scheduled for September.

The shutdown is driven by intensifying legal pressures, including a class-action lawsuit seeking 623 BTC, alongside fierce market competition that eroded its dominance. This announcement triggered a collapse in the exchange's native token, which plummeted 90% in value. The sell-off reflects the loss of the token's primary utility, which was tied to fee reductions and platform-specific incentives that will cease to exist once the venue closes.

Investors are now watching for broader contagion within the derivatives market, while the upcoming economic calendar features inflation data from Canada and the UK, which may influence overall liquidity and sentiment in high-risk asset classes.