BitMEX co-founder Arthur Hayes says the exchange voluntarily shut down after 13 years due to lack of profitability, not hacks or regulatory pressure.
Macro & Markets ·
BitMEX ceased operations following a unanimous board decision by its three founders, who concluded the exchange had become unprofitable and was depleting resources rather than generating returns. The shutdown, announced in August 2026, came after internal discussions among the co-founders determined that continuing operations no longer made financial sense. Arthur Hayes emphasized that the decision was made voluntarily by the team and was not triggered by a security breach or regulatory action.
The exchange had operated under the same ownership structure throughout its 13-year history before the founders elected to wind down. Hayes characterized the closure as a choice to exit on the team's own terms rather than face mounting losses. The board reached consensus on ending the business, with all stakeholders aligned on the decision to shut down.
No details have been disclosed regarding the timeline for full wind-down, asset handling, or transition plans for users and remaining operations.