BitMEX’s $BMEX token plunges 98% as exchange announces permanent shutdown

BitMEX, the exchange that essentially invented the perpetual swap and helped define an entire era of crypto derivatives trading, is shutting down for good. The platform’s native $BMEX token responded about as well as you’d expect, cratering roughly 98% to trade near $0.0033 to $0.004. The closure date is set for September 23, 2026, at 04:00 UTC. Owner HDR Global Trading Limited made the call after what it described as a strategic review, bringing the curtain down on an 11-year run that fundamentally reshaped how people trade crypto. From perpetual swaps pioneer to permanent shutdown BitMEX popularized perpetual swaps, a financial instrument that lets traders take leveraged positions without worrying about expiration dates. That product became the backbone of crypto derivatives markets. The announcement, made on July 23, 2026, triggered immediate consequences. New account registrations were halted the same day. Users with open positions have been told to close them and withdraw their funds before the shutdown date. Any positions still open when the clock strikes 04:00 UTC on September 23 will be force-closed by the platform. The $BMEX token operated on a deflationary model, with mon...