Crypto exchange pioneering leveraged bitcoin derivatives set to close

HDR Global Trading Limited is shutting down BitMEX, the crypto exchange known for pioneering perpetual swaps and enabling up to 100x leverage on bitcoin. The move comes amid a broader crypto downturn, highlighting pressure on leveraged trading platforms and the weakening appetite for speculative crypto derivatives. BitMEX has already stopped new account registrations, signaling an orderly wind-down rather than a new growth phase. For bitcoin, the closure is a reminder that market stress is forcing structural changes across the crypto ecosystem. The article’s market tone is negative for crypto risk sentiment, especially for high-leverage venues and traders who relied on BitMEX-style products.