BitMEX held sale talks for 2 years before announcing Sept. 23 shutdown

BitMEX said it will shut down exchange operations at 4:00 a.m. UTC on Sept. 23, while the platform spent the past two years in sale talks with potential buyers including rival exchanges and payments platform Exodus but failed to reach a deal, CoinDesk reported. According to the report, negotiations were hindered by efforts to preserve the founders' control, the company’s past negative image, and slowing growth. An industry source who requested anonymity said potential buyers were uncomfortable that co-founders Arthur Hayes, Ben Delo and Samuel Reed had stepped back from the business after being criminally charged in the U.S. in 2020 but still controlled a significant portion of the company’s equity. The sale process is said to have targeted a roughly $1 billion valuation, though it was not confirmed whether any formal bid proposals were submitted.