BitMEX said on July 23 that it will wind down and close in stages, bringing an end to one of the most influential names in crypto derivatives. The exchange has stopped new user registrations immediately, will move to reduce-only trading from 04:00 UTC on Aug. 26, and plans a full shutdown at 04:00 UTC on Sept. 23, when any remaining open positions will be force-closed. In its notice, the company did not give a detailed reason for the closure, saying only that the board of HDR Global Trading made the decision after reviewing its own business and the broader crypto industry. Public information over the past year and a half points to a sale effort that never produced a buyer. BitMEX had hired Broadhaven Capital Partners by late 2024 to run the process, and it also changed senior management about three weeks ago. The platform’s decline had been shaped by two long-running pressures: the loss of liquidity after the March 2020 market crash and service outages, and a multi-year regulatory case in the U.S. that led to major penalties, guilty pleas, and the loss of its early anonymous-account advantage once mandatory KYC took hold. The shutdown comes as the perpetual futures model BitMEX helped create has moved into a regulated U.S. setting, even as the original pioneer exits the market.

The U.S. Commodity Futures Trading Commission greenlit Kalshi's bitcoin perpetual contract and issued a no-action letter to Coinbase, bringing perpetual futures—a dominant offshore product—into the domestic regulatory framework for the first time.

CME CEO Terrence Duffy said the exchange will sue the CFTC over its approval of crypto perpetual futures, arguing the products should be regulated as swaps rather than futures.

The U.S. CFTC has approved BTCPERP as the first regulated perpetual futures contract. Chairman Selig redefined "futurity" to include price exposure without fixed expiry. New appointments in data science and blockchain forensics aim to boost oversight.

CME Group files lawsuit against CFTC, arguing perpetuals should be regulated as swaps under Dodd-Frank. Legal experts note CFTC has discretion to categorize novel products; case outcome uncertain.

Kalshi became the first CFTC-approved crypto perpetual futures exchange in the US, logging $1B in volume within seven days. But insider trading referrals to regulators are already piling up.

The US Commodity Futures Trading Commission approved regulated trading platform KalshiEX to list Bitcoin perpetual futures contract BTCPERP at the end of May 2026. The contract references Bitcoin spot prices, has no expiration date, and offers compliant leveraged trading and risk management tools for retail and institutional investors.

CFTC Chair Mike Selig responded on X to disputes over perpetual futures contracts, saying U.S. law and CFTC rules do not require a futures contract to have a fixed expiration or delivery date. He also addressed leverage, public feedback and funding-rate concerns.