Skip to content
SignalPowered bySign inBack to Digirockstars
All briefs

Daily brief

Regulatory · Fri 24 Jul · 3 min read

BitMEX closure accelerates crypto exchange consolidation

This brief is supported by

WOMO (opens in a new tab)More about them at the end of the brief

What happened

BitMEX, one of the earliest crypto derivatives exchanges, will shut down on September 23, 2026. Its parent company, HDR Global Trading Limited, made the decision after years of declining market share. The exchange's BMEX token fell roughly 90% on the announcement. BitMEX was once the dominant venue for Bitcoin perpetual futures, but regulatory pressure, a 2020 CFTC and DOJ action against its founders, and competition from licensed platforms steadily eroded its position. By the time of the shutdown announcement, its Bitcoin futures market share had become marginal.

Why it matters

Sources: Cointelegraph

Related briefs

  1. Crypto layoffs at 12 firms signal sustained consolidationLuno cutting 20% of staff alongside layoffs across at least 12 other crypto firms in July confirms that the industry is in operational consolidation, not a temporary hiring freeze. For Philippine operators evaluating crypto payment partners or exchange integrations, firms announcing significant headcount reductions are signaling financial stress, which is the same pressure that preceded the BitMart and BitMEX closures. Any payment rail or custody provider in your stack that has announced layoffs in the past 60 days should go through a financial standing and licensing review now, before the closure notice arrives with a one-month wind-down timeline.Market
  2. Bybit's 'Pure Exchange Era Is Ending' Isn't the Real Risk Story, Its 2025 Hack IsBybit's CEO announced a repositioning campaign, not an operational exit, around products it already offers. Real evidence backs the underlying trend: BitMEX shut down entirely this week, CoinEx is winding down over compliance costs. But the fact that actually matters for Philippine operators treating Bybit as a counterparty is the $1.5 billion hack it suffered in February 2025, the largest in crypto history. Here's why that belongs in the same risk conversation as the platform's expanding product scope, not a separate, older concern.Crypto
  3. PhilWeb revenue doubles; cost structure is the real watchPhilWeb posting 96% revenue growth to PHP352.4 million in Q2 2026, swinging from a PHP16.3 million loss to PHP47 million net income, is the strongest B2B platform result in the Philippine online gaming sector this reporting season. The caveat is that operating expenses rose 60%, meaning the revenue recovery is outrunning cost discipline. In a market where PAGCOR's own numbers are still contracting and the addressable licensed operator base is thinning post-accreditation, PhilWeb's revenue trajectory depends on whether its GSA and platform clients survive the regulatory reset. The Q3 numbers, which will reflect the September 30 B2B accreditation deadline, are the real test.Market · Philippines