BitMEX Closes Down, Wiping Out 90% Of Its Token

What happened

BitMEX, one of the world’s first perpetual crypto exchanges, announced it is shutting down its services, causing its native token BMEX to lose about 90% of its value.

Confirmed

Global impact / market context

The shutdown means investors lose trust in older crypto platforms, because they can be out‑competed by newer services. It also shows that tokens tied to a single exchange can become almost worthless when that exchange closes.

Analyst inference

The cryptocurrency market now hosts many exchanges that offer similar perpetual contracts. Traders are moving their money to platforms that charge lower fees, have faster technology, and meet regulatory rules, making competition very intense.

Analyst inference

What to watch

1. Track where former BitMEX traders go, because a shift to other exchanges could raise those platforms’ trading volume and fee income, affecting their profitability. Analyst inference
2. Watch for any new regulatory actions aimed at other perpetual‑contract exchanges, as authorities might increase oversight after seeing BitMEX close, which could raise compliance costs. Analyst inference
3. Monitor the BMEX token’s price and trading status, because a 90% drop may lead to further selling pressure or removal from exchanges, impacting holders. Analyst inference

Affected assets

• BMEX — BitMEX

Evidence

• dailycoin.com