Crypto derivatives exchange, BitMEX, failed to find a buyer after potential acquirers, including payments platform, Exodus, raised concerns about its

• founder-led ownership structure,
• declining business, and
• lingering reputational issues,

according to a person familiar with the matter.

BitMEX spent about two years exploring a sale, with investment bank, Broadhaven, advising the Seychelles-based company. Its co-founders Arthur Hayes, Ben Delo and Samuel Reed still controlled a large majority of the company despite stepping away from management after U.S. criminal charges in 2020, the source said.

The ownership structure complicated negotiations because buyers typically seek to retain management through…