BitMEX reportedly spent nearly two years trying to find a buyer before deciding to shut down its crypto derivatives exchange, but several challenges prevented a deal from being completed.
According to reports, the company held discussions with multiple potential buyers, including rival crypto exchanges and digital wallet company Exodus. BitMEX was reportedly seeking a valuation of around $1 billion during the sale process.
Despite the interest, no agreement was reached. The exchange’s parent company, HDR Global Trading, eventually completed a strategic review and chose to close the platform instead.
One of the biggest obstacles was reportedly the ownership structure. Although BitMEX co-founders Arthur Hayes, Ben Delo, and Samuel Reed stepped away from management after legal issues in the United States, they still controlled a large share of the company. Reports suggest that this made negotiations more complicated for potential buyers.
At the same time, BitMEX’s business performance had weakened. During the crypto boom of 2021, the exchange regularly handled more than $100 billion in monthly futures trading volume. By late 2024, that figure had reportedly fallen to around $25 billion to $30 billion per month.
The decline came as traders moved to larger centralized exchanges and fast-growing decentralized trading platforms. This made buyers less willing to pay the high valuation BitMEX was seeking.
The company’s legal history also raised concerns. BitMEX previously pleaded guilty to violating U.S. anti-money laundering laws, while its co-founders faced criminal charges before later receiving presidential pardons in 2025. The exchange is also dealing with a proposed class-action lawsuit related to customer liquidations, although those claims have not been proven in court.
BitMEX was once one of the most influential platforms in the crypto industry and played a major role in popularizing perpetual futures contracts through its XBTUSD product in 2016.
Now, the exchange is preparing for its final shutdown. On August 26, BitMEX will move to reduce-only mode, meaning users will no longer be able to open new positions. The platform is scheduled to cease operations completely on September 23, ending an 11-year run in the cryptocurrency market.
Customers have been advised to close any remaining positions and withdraw their funds before the exchange shuts down.
