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BitMEX wind-down shifts risk limits to Aug. 26 and ends trading Sept. 23
BitMEX says reduce-only mode starts Aug. 26, and any positions still open will be closed immediately at the Sept. 23 cutoff.
BitMEX, the Seychelles-based crypto exchange founded by Arthur Hayes, announced it will shut down at 04:00 UTC on Sept. 23. CryptoSlate reports customers will have two months to close positions and withdraw funds, while new registrations have already stopped.
The earlier deadline is tied to BitMEX's wind-down timetable: risk limits will take effect at 04:00 UTC on Aug. 26, after which users will only be able to reduce positions. During the wind-down, the exchange may force-close contracts, and it will immediately close anything still open at the Sept. 23 cutoff.
CryptoSlate adds that BitMEX's notice describes no position-transfer mechanism, so any exposure opened elsewhere would be separate trades. Customers who miss the closure time can still log in to view balances and records and request withdrawals, but KYC-verified accounts retaining assets will face a monthly fee of the greater of a $50 equivalent or 1% per year on the remaining balance.
BitMEX also warned additional reviews and blockchain constraints could delay withdrawals and that there is no priority service for moving funds. CryptoSlate cites CoinGecko snapshots showing BitMEX had about $120.84 million in 24-hour volume and $705.33 million in open interest, while Binance Futures had $45.68 billion in 24-hour volume and $25.10 billion in open interest.