BitMEX is about to close: What does it mean for your account and funds?

BitMEX will officially close the exchange at 04:00 UTC on September 23, 2026. Users should process unpositioned squaring positions, transfer assets, and keep necessary records before this time. After the closure, the account can still be logged in and withdrawn, but normal trading services will no longer be provided.

Table of Contents

1. When will BitMEX be shut down?
2. What does closing mean for accounts and funds?
3. How will unpositioned squaring positions be handled?
4. What should BitMEX users pay attention to now?
5. When will BitMEX be shut down?

BitMEX announced on July 22, 2026 that it will officially close the exchange at 04:00 UTC on September 23 . After the announcement, the platform immediately stopped accepting new user registrations, but existing users can still log in to their accounts, manage positioning, and withdraw assets temporarily. BitMEX stated that the decision to close was made by the board of directors of HDR Global Trading Limited, the platform operator, after evaluating the company’s business and the overall cryptocurrency industry, but the announcement did not disclose more specific financial or operational reasons.

This shutdown will not stop all functions immediately on the day of the announcement, but will be carried out in stages. BitMEX plans to implement risk restrictions starting from 04:00 UTC on August 26th , and users will not be able to continue to add new positions, only reduce existing positions. From this time on, the platform may also gradually force the closure of non-position squaring positions according to market conditions. By the final shutdown time on September 23rd, any unprocessed positions will be immediately forced to be position squaring.

2. What does closing mean for accounts and funds?

After BitMEX is closed, user accounts will not disappear immediately on September 23rd. According to the official announcement, users who have not yet completed asset transfers can still log in to their accounts, view wallet balances and historical transaction information, and continue to submit withdrawal requests. However, the platform will only retain limited functions required to handle remaining user assets at that time, and will no longer provide normal spot, derivative trading, and other exchange services.

BitMEX stated in the announcement that user funds are safe, but this is the platform’s official statement and does not mean that users are suitable to keep assets until the final closure. During the shutdown period, there may be an increase in customer service requests, slower manual review, network congestion, or adjustments to some asset processing processes. For funds that no longer need to be traded, users should complete the verification and transfer as soon as possible based on their actual situation, rather than waiting until the last day for centralized operations.

It should be noted that BitMEX’s announcement describes this closure as a decision made after business and industry strategic evaluation, and does not declare bankruptcy, liquidation, or debt declaration procedures. Therefore, “exchange closure” and “exchange bankruptcy” are not the same concept. Currently, the most direct issue that users need to deal with is the non-position squaring position, account balance, and historical records, rather than submitting bankruptcy debt applications.

3. How will unpositioned squaring positions be handled?

Before 04:00 UTC on August 26, 2026, BitMEX is expected to maintain most normal trading functions, and users can reduce or disable positioning on their own. After the risk restriction takes effect, users cannot establish new positioning and can only reduce existing risk exposure by reducing positions. The platform also reserves the right to forcibly close some positions in advance, in order to gradually reduce the unsettled risk in the market before the final closure.

If the user does not actively handle it, the positioning that still exists until the closing time on September 23rd will be forcibly position-squared by the platform. The actual transaction price of forced position-squaring may be affected by market prices, order book depth, and fluctuations at that time, and the result may not be consistent with the user’s originally planned exit price. BitMEX also reminds that the platform is not responsible for the trading losses caused by the user’s failure to position-squaring in a timely manner.

In addition, BitMEX has started processing some contracts with insufficient liquidity. The platform announced that 35 derivative contracts will be delisted and settled according to the rules on July 30th, due to insufficient trading interest and the imminent closure of the exchange. Users holding relevant contracts need to check the specific delisting announcement and cannot rely solely on the overall deadline of September 23rd.

4. What should BitMEX users pay attention to now?

Existing users first need to check if there are any unpositioned squaring contracts, outstanding orders, and automated strategies still running in their accounts. Since only positions can be reduced after August 26th, users who rely on APIs, trading robots, or conditional orders should also confirm whether these tools can still execute as planned after the restrictions take effect, and should not assume that all strategies can continue to run until September 23rd.

Secondly, all assets in the wallet should be checked, including small balances, internal balances between different accounts, and funds that may not be displayed on the main transaction page. When preparing to transfer assets, confirm that the receiving platform or wallet supports the same currency and network, and conduct small-scale testing first to avoid irrecoverable losses caused by incorrect address or network selection.

Finally, it is recommended to save the necessary information for the account in advance, including transaction history, recharge and withdrawal records, fund expenses, realized profits and losses, and other information that may be used for tax reporting or financial verification. Although BitMEX stated that historical transaction information can still be viewed after closure, completing backups before the platform officially stops its main services can reduce the uncertainty caused by subsequent access changes.

BitMEX has been in operation since 2014 and is known for promoting the development of encrypted perpetual contracts. This closure will not immediately invalidate user accounts after the announcement, but it has given a clear service termination time. For existing users, the most important thing now is not to speculate on the platform’s future, but to proactively handle positioning, assets, and account records before key dates.

FAQs

Is BitMEX no longer available? Currently, BitMEX has not been officially closed. Existing users can still trade and withdraw, but the platform has stopped registering new accounts. Positioning will not be available after 04:00 UTC on August 26, 2026, and exchange services will stop at 04:00 UTC on September 23.

Can I withdraw money from BitMEX after September 23? According to the official announcement, users can still log in, view balance and historical information, and withdraw remaining assets after the closure. However, the platform recommends that users complete position squaring and withdrawal as soon as possible before the closure.

What happens to BitMEX positioning that is not actively closed? Starting from August 26th, BitMEX may gradually force the closure of existing positions. When it is officially closed on September 23rd, the remaining positions that have not been positioned will be immediately forced to be positioned.

Does the closure of BitMEX mean that the platform has gone bankrupt? Currently, the official announcement has not announced that BitMEX has entered bankruptcy proceedings, but rather stated that the decision to close comes from a strategic evaluation of the business and the cryptocurrency industry. If there are any new legal, liquidation, or asset disposal announcements in the future, the platform’s official information should prevail.