BitMEX is entering a phased shutdown process, and starting August 26th, new positions will no longer be permitted

BitMEX has announced a phased shutdown schedule and has begun the formal termination process. According to a strategic review by the board of directors of its parent company, HDR Global Trading Limited, BitMEX emphasized that the closure is not due to financial difficulties, hacking, or immediate regulatory pressure. The first key milestone is August 26th at 04:00 UTC. At this time, BitMEX will switch to a "reduction-only mode," completely blocking the opening of new positions. Existing positions can only be reduced, and BitMEX reserves the right to forcibly liquidate existing positions at its discretion to ensure an orderly closure. During this period, the exchange explicitly states that it will not be responsible for any trading losses incurred by users who are unable to close their positions. In effect, users will lose control over the timing of their position execution from this point onward. The second key milestone is September 23rd at 04:00 UTC. At this time, BitMEX will immediately and forcibly liquidate all remaining positions and completely terminate trading on the exchange. Liquidation prices will be calculated based on the relevant settlement price or contract index, and the liquidation proceeds will be automatically transferred to each user's wallet balance. After the exchange is closed, users will still be able to view their wallet balance and transaction history, and use the withdrawal page to a limited extent, but other services, including the trading interface, will no longer be available. After September 23rd, if users leave a balance in their account without withdrawing it, an account maintenance fee will be charged, equivalent to 1% per month or $50, whichever is greater. This fee will be deducted continuously as long as a balance remains, and can accumulate over time. However, the fee will only be deducted from the balance and will not result in a negative balance or additional charges. If the balance falls below the minimum withdrawal threshold, the fee may reduce the balance to zero. The third key milestone is September 28th at 04:00 UTC. At this time, the API withdrawal function will be completely deactivated. All API-based withdrawals, including those connected to institutional services such as Fireblocks and Copper, will be terminated. After this date, withdrawals will only be possible manually through the BitMEX website. Supported withdrawal assets will be limited to USDT, USDC, and ETH based on the Ethereum network.