The pioneer of crypto derivatives, BitMEX, just announced that it will officially cease operations on September 23, 2026. This marks the end of an era: BitMEX created the 100x leverage perpetual contract, a product that laid the foundation for today's trillion-dollar trading volume in crypto derivatives, and it was entirely their brainchild. After running for 11 years and surviving countless hacking frenzies, they maintained a record of 0 user funds stolen. Once the ruler of BTC liquidity—both regulated and unregulated—BitMEX faced regulatory crackdowns, the departure of its founders, and market share pressure from new giants like Binance, ultimately deciding to bow out voluntarily. The official team has already reminded all users to start closing positions and withdrawing funds as of now.