BitMEX is scheduled to end its exchange operations on September 23, 2026 at 04:00 UTC, completing a wind-down announced in July.
This is the point at which the event shifts from “exchange in reduce-only wind-down” to “trading platform closed, withdrawals-only access remaining.”
The distinction matters because several services do not disappear at the same moment.
What happens at the closure time?
At 04:00 UTC:
- all remaining open positions are scheduled to be immediately force-closed;
- all exchange trading services cease;
- BitMEX stops crediting new deposits;
- the normal trading interface and discontinued exchange services become unavailable.
Users can still log in afterward to view balances, transaction history and withdrawal pages.
Forced closure of open positions
BitMEX has applied risk limits since August 26 that prevent users from increasing positions and allow only reductions.
That period was designed to let users unwind manually.
At the final closure time, any position still open is scheduled to be force-closed by the system using the relevant Settlement Price or index under BitMEX’s standard procedures.
The resulting funds are credited to the user’s wallet balance.
The core risk is execution control:
- users who close before the deadline choose when to exit;
- users who remain open accept the platform’s forced-settlement method.
BitMEX says it is not responsible for losses arising from users’ inability to close positions during the wind-down period.
Deposits after 04:00 UTC: explicit loss risk
BitMEX says it will continue to credit deposits only until the closure time.
After September 23 at 04:00 UTC, users should not send assets to old BitMEX deposit addresses.
The official FAQ states that deposits sent after the deadline:
- will not be reflected in the account balance;
- will not be recoverable.
This is one of the most important operational red lines in the shutdown.
A successful blockchain transfer does not mean BitMEX will credit the account after support ends.
Withdrawals continue after the exchange closes
The exchange closure is not the same as a final withdrawal deadline.
BitMEX says users can continue withdrawing after September 23.
Post-closure account access is limited to functions such as:
- wallet balances;
- transaction history;
- withdrawals.
Trading services are removed.
September 28 withdrawal infrastructure changes
A second deadline arrives on:
September 28, 2026 at 04:00 UTC
From that point:
- API withdrawals are disabled;
- institutional automated integrations such as Fireblocks and Copper withdrawals are no longer supported through the API;
- withdrawals must be processed through the BitMEX website;
- multi-network withdrawal fungibility for USDT, USDC and ETH is removed;
- those assets become available for withdrawal only on Ethereum.
Institutional users relying on automated treasury workflows therefore face a separate migration task after trading shuts down.
Account fees begin after closure
Fully verified balances left on the exchange from September 23 onward are charged an account fee.
BitMEX states the fee is:
1% per annum or $50 USD equivalent, whichever is greater
and is deducted from the remaining balance.
The fee can increase over time if balances remain on the platform.
BitMEX says:
- the balance will not go below zero;
- users will not owe additional money once the balance is depleted;
- a balance below the minimum withdrawal amount can be reduced to zero by the fee.
For small residual balances, the fixed-dollar component is therefore especially significant.
BMEX token treatment
BitMEX says all staked BMEX tokens were unstaked so holders could manage or withdraw them.
The closure removes the token’s original fee-discount utility on the BitMEX trading venue.
BMEX can still trade externally if other markets support it, but its market value is no longer anchored by ongoing BitMEX exchange utility.
Why BitMEX says it is closing
BitMEX says the Board of HDR Global Trading Limited decided to close after a strategic review of the business and the broader crypto industry.
The exchange explicitly says the decision did not result from:
- financial distress;
- a hack;
- immediate regulatory pressure.
CEXVia therefore does not classify the event as insolvency.
The appropriate category is:
Critical operational / asset-access wind-down risk
because forced execution, deposit cutoff, technical withdrawal changes and account fees can still cause user losses even without insolvency.
Funds and reserve boundary
BitMEX says customer funds remain safe and highlights that it has not lost customer funds to a hack during its operating history.
That is the company’s statement, not an independent audit conclusion.
The risk page therefore separates:
- company solvency/security claims;
- verified operational deadlines.
Event timeline
July 23
BitMEX announces planned closure for September 23.
August 26
Risk limits begin; users cannot open/increase positions and move to reduce-only.
August 26–September 23
Illiquid contracts and spot pairs can be settled/delisted early; force-closes may occur during orderly wind-down.
September 23, 04:00 UTC
Remaining positions force-close; trading ends; deposits stop being credited.
September 28, 04:00 UTC
API withdrawals disabled and USDT/USDC/ETH cross-network withdrawal flexibility removed.
Post-closure
Verified residual balances incur the announced account fee until withdrawn or depleted.
User impact checklist
Users with open positions face settlement risk.
Users sending deposits after the deadline face unrecoverable-credit risk.
Users who keep funds on the platform face account fees.
Institutions using API withdrawal workflows must migrate before September 28.
Users holding USDT, USDC or ETH across non-Ethereum withdrawal networks need to understand the network restriction after September 28.
Evidence Status
Confirmed / Official BitMEX
- September 23 04:00 UTC closure time.
- Immediate force-close of remaining positions.
- Trading cessation.
- Deposit-credit cutoff and non-recoverability warning.
- Continued post-closure withdrawals.
- September 28 API/network changes.
- Account-fee formula.
- Strategic-review rationale.
- BitMEX’s statement that closure is not caused by financial distress, hacks or immediate regulatory pressure.
Developing
- Actual final settlement prices.
- Withdrawal congestion after closure.
- Support delays.
- BMEX market liquidity after exchange utility ends.
- How long post-closure withdrawal access remains practical.
Risk Assessment
Critical operational / asset-access risk.
The event is scheduled and well announced, but it is irreversible: trading ends, open positions lose user-directed execution, and deposits after the cutoff are explicitly unrecoverable.
What to Watch Next
Final forced-settlement execution, withdrawal throughput, any outage during closure, phishing campaigns, September 28 technical changes and residual-balance fees.
FAQ
What time does BitMEX close?
September 23, 2026 at 04:00 UTC.
What happens to open positions?
They are scheduled to be immediately force-closed using the relevant settlement price or index.
Can users withdraw after September 23?
Yes. Withdrawal access continues after trading shuts down.
Can users deposit after 04:00 UTC?
They should not. BitMEX says post-cutoff deposits will not be credited and will not be recoverable.
What fee applies to balances left behind?
BitMEX says 1% per annum or $50 equivalent, whichever is greater, charged against the remaining balance.
Is BitMEX closing because it is insolvent?
BitMEX says the decision followed a strategic review and was not caused by financial distress, hacks or immediate regulatory pressure.