Huoxing Finance reports that, on July 23, according to market data, following BitMEX’s announcement today that it will officially shut down on September 23, its platform token BMEX plummeted 92%, currently trading at $0.005 with a market cap of just $480,000. Notably, the official stance on BMEX tokens remains extremely limited, with no additional compensation or special arrangements offered. The only action explicitly mentioned in BitMEX’s official shutdown announcement is that all staked BMEX tokens have been immediately unstaked and returned directly to holders’ accounts. Per BitMEX’s earlier announcement, BMEX is a purely utility-based platform token, not equity, debt, or any asset with promised returns. The official disclaimer states that BMEX is solely intended for use on the BitMEX platform to access fee discounts, staking rewards, and similar functions; it does not constitute an investment and carries no obligation for refunds or exchanges.
BitMEX Announces Closure, BMEX Token Drops 92%
MarsBitShare
Summary
BitMEX’s shutdown announcement caused the BMEX token to plummet 92%, now trading at $0.005 with a $480,000 market cap. The platform will return staked tokens but provides no additional compensation. On-chain data reveals rapid liquidations as traders react. Altcoins to watch may include BMEX as the market processes the development. BitMEX reiterated that BMEX is a utility token for fee discounts and staking, not equity or debt.
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