Perpetual Swap

A sharp decline in retail activity is forcing smaller crypto platforms into a tougher fight for survival. BitMEX, BitMart and other crypto-linked firms are becoming symbols of a market where scale, compliance and transparency matter more than hype.

BitMEX is facing a proposed class-action lawsuit alleging unfair liquidations, withheld collateral and insider trading tied to its bitcoin swap products. The case lands as the crypto derivatives exchange prepares to cease operations on Sept. 23 after an 11-year run.

BitMEX will shut down operations on Sept. 23, 2026, after halting new account registrations and urging users to withdraw assets. The closure marks the end of an exchange that helped define crypto derivatives through the 100x leverage perpetual swap.