Derivatives exchange BitMEX has entered reduce-only mode, halting the acceptance of new positions as part of its staged wind-down. The decision follows a strategic review by the board of HDR Global Trading Limited, the owner and operator of BitMEX. The exchange stated that financial distress, a security hack, and immediate regulatory pressure were not the causes of the closure.
Under the wind-down timetable, traders lost the ability to open new positions at 04:00 UTC on Aug. 26. While users can reduce existing exposure following the cutoff, BitMEX may force-close positions prior to the final shutdown to support an orderly wind-down. The exchange accepts no responsibility for trading losses incurred if users are unable to close positions during this period.
Final Closure and Withdrawal Timeline
Exchange trading will formally end on Sept. 23 at 04:00 UTC, at which point BitMEX will immediately force-close all remaining open positions using the relevant settlement price or contract index, transferring resulting funds to user wallet balances.
Following trading termination, users will retain limited account access to view balances, transaction history, and withdrawal pages, while the trading interface will become unavailable. Fully verified balances left on the platform after Sept. 23 will be subject to a fee of 1% per year or $50, whichever is greater, applied monthly until funds are withdrawn. This fee cannot push balances below zero or leave users owing additional money.
A secondary operational change takes effect at 04:00 UTC on Sept. 28, when BitMEX will disable API withdrawals, ending automated institutional integrations such as Fireblocks and Copper. Afterward, users must execute withdrawals manually through the BitMEX website, with support limited to USDT, USDC, and ETH on the Ethereum network.
