BMEX Crashes 96.55% as BitMEX Confirms Sept. 23 Exchange Shutdown 

BMEX, the exchange token of BitMEX, plunged 96.55% over the past 24 hours to $0.002039, reducing its fully diluted valuation (FDV) to about $917,800 after the crypto derivatives platform announced it will permanently cease operations on Sept. 23. The company has also stopped accepting new user registrations.

Founded in 2014 by Arthur Hayes and his co-founders, BitMEX played a pioneering role in the digital asset industry by introducing the first perpetual swap contract, which later became the standard across crypto derivatives markets. 

At its peak, BitMEX ranked among the world’s largest cryptocurrency derivatives exchanges. However, the platform gradually lost market share as competitors including Binance and Bybit expanded their offerings and attracted a larger share of trading activity.

Source: Wu Blockchain