BitMEX announced that it will cease exchange operations on September 23 at 13:00 KST, and it is known that the exchange had been in sale negotiations with potential acquirers, including rival exchanges and payment platform Exodus, for the past two years, but failed to finalize them. According to CoinDesk, factors such as the founders' desire to retain management rights, a negative past image, and slowing growth were cited as difficulties in the bidding process. An industry official, who requested anonymity, explained, "There was discomfort that co-founders Arthur Hayes, Ben Delo, and Samuel Reed had stepped away from the business after being criminally charged in the US in 2020, but still held significant control over the company's shares." It was reportedly aiming for a company valuation of approximately $1 billion during the acquisition process, but it is unconfirmed whether any official bid proposals were submitted.
