Arthur Hayes Reveals Why BitMEX Decided to Shut Down

BitMEX’s decision to cease operations was voluntary and stemmed from the business no longer being profitable, co-founder Arthur Hayes said in an interview.

Hayes said neither a hack nor regulatory pressure was behind the decision. Instead, discussions among BitMEX’s three founders led them to conclude that the company was continuing to consume resources without generating a profit, prompting the decision to shut down operations. 

Meanwhile, Hayes said BitMEX’s ownership remained unchanged throughout its 13-year history. The board ultimately agreed unanimously to end the business, with the team choosing to leave on its own terms.

Source: Unchained