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BitMEX shifts to reduce-only mode, traders lose new position control

From Aug. 26 and continuing through a Sept. 23 final close, BitMEX may force-close positions during its wind-down and immediately shut trading on Sept. 23.

Reported · Written up by our desk · Market Structure

BitMEX is entering a staged shutdown that will limit traders' ability to open new derivatives exposure, with the exchange set to move to reduce-only mode at 04:00 UTC on Aug. 26, according to CryptoSlate.

After the Aug. 26 cutoff, traders will not be able to place new positions, though BitMEX says it may close existing positions as part of the wind-down. Between Aug. 26 and the final closure on Sept. 23, positions could remain open, but users would lose control over execution timing because BitMEX may force-close before the mandatory end of trading.

BitMEX also said it would force-close any remaining positions at 04:00 UTC on Sept. 23, ending exchange trading immediately and using the relevant settlement price or contract index. The resulting funds would go to each user's wallet balance, and after the close users can view wallet balances and transaction history and use withdrawal pages, while the trading interface and other discontinued services will be unavailable.

As part of the transition, BitMEX will impose a monthly account fee on fully verified balances left after Sept. 23, set at 1% per year or $50, whichever is greater. The exchange will also disable API withdrawals at 04:00 UTC on Sept. 28, ending support for API withdrawal integrations including Fireblocks and Copper, requiring manual withdrawals through the BitMEX website.

Latest closeCopper $6.606 ▲0.2%

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