Crypto derivatives exchange BitMEX ended trading operations on Wednesday, September 23, at 04:00 UTC. Users can still access their accounts and withdraw their remaining balances.
The closure notice on the exchange’s website confirms that all trading services have ended. BitMEX says it continues to hold remaining user assets in custody, while applying account fees to balances that have not been withdrawn.
The next key date for users is September 28. Changes to the withdrawal infrastructure will take effect that day, requiring users who rely on automated systems to process withdrawals through the website.
Why Did BitMEX Close?
BitMEX first announced its closure on July 23. The board of HDR Global Trading Limited, which owns and operates the platform, decided to wind down operations following a review of the business and the broader crypto industry.
In its support statement on the closure, the company says the decision did not stem from legal or regulatory issues. BitMEX also maintains that user assets are secure, attributing the closure to the board’s strategic assessment.
The exchange followed a phased shutdown schedule. It stopped accepting new account registrations in July and introduced restrictions preventing new positions from August 26.
During that period, users could reduce their existing positions. BitMEX’s announced schedule also provided for the system to forcibly close any positions remaining open at the shutdown time.
Withdrawals Will Continue Through the Website
BitMEX’s closure does not eliminate access to remaining account balances. Users can log in to view their wallet balances, transaction history, and withdrawal pages.
However, support for API withdrawals will end on September 28 at 04:00 UTC. The change also covers withdrawals through institutional integrations such as Fireblocks and Copper.
Users relying on these channels will need to disable their automated workflows and submit withdrawal requests through the BitMEX website. September 28 therefore marks a deadline for API access; it does not mean website withdrawals will end that day.
Support for withdrawing USDT, USDC, and ETH across multiple networks will also end on the same date. According to BitMEX’s schedule, these three assets will subsequently be held and available for withdrawal only on the Ethereum network.
Key Details on Remaining Balances and New Transfers
According to the exchange, assets left in accounts after the closure will be subject to account fees. Continued withdrawal access therefore does not mean users can keep their balances on the platform free of charge.
Users must also avoid sending new transfers to their old deposit addresses. BitMEX’s support page states that deposits sent after the September 23 closure time will not be credited to account balances and will not be recoverable.
The platform has also unstaked BMEX tokens. This gives users access to manage those tokens in their accounts and transfer them to external addresses.
BitMEX Warns Against Fake Withdrawal Services
BitMEX also highlighted potential scams targeting users during the shutdown. The company said it does not offer priority or expedited withdrawal services.
It noted that additional reviews and blockchain network capacity could delay withdrawal requests. Bitcoin block confirmation times, in particular, can affect how quickly transfers are completed.
According to the company, requests marked “Processing” remain in the queue. BitMEX urges users to monitor withdrawal status through their official accounts and remain alert to fraudulent links exploiting the closure announcement.
