- BitMEX will permanently close its exchange after parent company approval, ending more than eleven years of crypto derivatives operations and innovation.
- Trading restrictions will gradually tighten before shutdown, including position reductions, force closures, and early settlement for selected low-liquidity contracts.
- Users must withdraw assets promptly because inactive balances face recurring fees, while phishing risks and withdrawal reviews remain elevated during closure.
BitMEX will wind down its cryptocurrency exchange after its parent company approved a plan to close the business following a strategic review. According to the announcement, the decision reflects changing business priorities and developments across the broader cryptocurrency industry.
The exchange has stopped accepting new account registrations with immediate effect, while existing users can still access their accounts, manage open positions, and withdraw assets until the scheduled shutdown.
HDR Global described the closure as a difficult decision after more than a decade of operations, during which BitMEX introduced the 100x leveraged perpetual swap and maintained more than 11 years without losing customer funds through a successful hack.
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BitMEX begins phased shutdown of trading services
BitMEX urged users to close open positions and withdraw their funds before the exchange completes its wind-down. Besides ending new registrations, the company outlined several measures that will gradually reduce trading activity before the final closure.
Beginning on August 26 at 04:00 UTC, traders will no longer open new positions and will only be able to reduce or close existing trades. Additionally, BitMEX will gradually force-close open positions to support an orderly market exit, while any positions remaining at the official closure time will automatically close.
Meanwhile, contracts with limited liquidity will undergo early settlement procedures, with affected users receiving advance notice through the company’s standard communication channels. The company also reminded customers that they remain responsible for managing their positions before the stated deadlines.
Exchange introduces withdrawal fees for inactive accounts
BitMEX also announced new fees for users who leave assets on the platform after the closure. KYC-verified accounts with remaining balances will incur a monthly fee equal to $50 or an annual charge of 1% of their holdings, whichever amount is greater. The exchange also reserved the right to increase those charges after providing advance notice.
Moreover, BitMEX warned customers about phishing campaigns that could exploit the shutdown announcement. It stressed that no priority withdrawal service exists despite fraudulent claims. The exchange also expects higher withdrawal volumes, which may result in additional security reviews and longer processing times on certain blockchain networks.
Conclusion
BitMEX’s planned closure marks the end of one of the cryptocurrency industry’s longest-running derivatives exchanges. Users have been encouraged to withdraw their assets before the scheduled deadlines while limited account access remains available during the final wind-down process.
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