This week saw notable changes across crypto and retail trading, with BitMEX preparing to shut down its trading platform and BDSwiss’s offshore retail business appearing to halt operations. These developments come as perpetual swaps gain broader acceptance and regulatory pressures continue to reshape digital asset and retail trading markets.
BitMEX to Close After 11 Years
BitMEX announced it will shut down its trading platform on 23 September, ending an 11-year run following a strategic business review. New account registrations have already been stopped, and existing trading activity will gradually move into reduce-only mode. Positions are set to be closed ahead of the final shutdown date.
The exchange played a key role in transforming crypto derivatives markets by popularising perpetual swaps during the 2017–18 bull market. BitMEX offered highly leveraged products that became an industry standard across the sector. However, its position weakened after years of regulatory pressure, including US penalties related to anti-money laundering failures.
As regulated US venues increasingly introduced domestic perpetual products, the offshore model that BitMEX helped establish faced growing competition. The expansion of perpetual swaps on regulated platforms contributed to a shift in market structure and challenged BitMEX’s historic leadership in crypto derivatives.
BDSwiss Offshore Business Under Strain
BDSwiss appears to have shut down its offshore retail business after its global website stopped functioning and new account registrations were disabled. Visitors to the site are now redirected to a login page branded as BDS Markets, and attempts to open new accounts are rejected.
Despite these changes, the broker’s Seychelles licence remains listed as active. Finance Magnates was unable to obtain clarification from the company, as its press contact email bounced. The latest developments follow the withdrawal of the group’s Cyprus licence, a corporate rebranding and a significant staff exodus over recent years.
At the same time, customer complaints on Trustpilot have continued to highlight withdrawal issues and disputed account transfers involving former BDSwiss clients. Against the backdrop of ongoing regulatory scrutiny and shifting market dynamics, both BitMEX and BDSwiss reflect how trading venues and brokers are responding to evolving investor demand and changes in market structure.
