BitMEX exchange ends trading operations after 11 years

BitMEX, one of the pioneers of the perpetual-futures market, officially closed its trading operations but left withdrawals open for users.

The exchange, co-founded by Arthur Hayes, stopped trading and deposits after more than 11 years in operation.

For beginners Perpetual futures are derivative contracts without an expiry date that let traders bet on an asset's price movement using borrowed funds. The closure of one of the platforms that pioneered this product reflects growing competition and consolidation among crypto exchanges.