BitMEX, a crypto exchange that introduced the 100x leverage perpetual swap, is shutting down its operations. The exchange, co-founded by Arthur Hayes in 2014, has notified its users that it will be ending its operations by September 23.
According to reporting from CoinDesk, this move marks the end of an 11-year run for BitMEX, which redefined the global crypto market with its innovative products.
BitMEX's introduction of the perpetual swap contract had a significant impact on the crypto market, and its shutdown is likely to be felt by traders and investors alike.