BitMEX, the pioneer of perpetual swaps, is shutting down in September amid plummeting crypto trading volumes and a regulatory squeeze on smaller exchanges. With retail interest fading and compliance costs rising, firms like BitMart and Storj Labs are collapsing, signaling the end of the crypto wild west. The market is shifting toward big, compliant, diversified platforms — and while BitMEX’s legal troubles add to the uncertainty, its core product remains vital, absorbed by giants like Binance and OKX.
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