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BitMEX has stopped traders from opening or increasing positions as the crypto derivatives exchange moves into the next stage of its planned September shutdown.
The restriction took effect at 04:00 UTC on August 26. Users can now only reduce existing positions, while BitMEX may also force-close positions before all exchange trading ends on September 23.
August 26 Restrictions Put All Positions in Reduce-Only Mode
BitMEX announced the restriction when it disclosed its closure plan on July 23. The exchange said risk limits would apply from August 26 through September 23, preventing traders from taking on new exposure during the wind-down.
Users can still close or reduce positions. BitMEX has also reserved the right to force-close open positions during this period to maintain an orderly market.
Separately, contracts with limited liquidity can be delisted and settled early. BitMEX is also removing spot pairs and other contracts on a rolling basis rather than keeping its full product lineup active until September 23.
Eleven Perpetual Swaps Face Early Settlement on September 2
Eleven perpetual swaps will be delisted and settled early at 12:00 UTC on September 2: SOLUSDT, SOLUSD, XRPUSD, XRPUSDT, HYPEUSDT, BNBUSDT, BNBUSD, LINKUSD, SUIUSDT, NEARUSDT and XAUTUSDT.
Under the current reduce-only restrictions, the contracts remain available until 04:00 UTC that day. At 12:00 UTC, all remaining positions will be closed using the designated settlement prices, open orders will be canceled, and the contracts will expire.
BitMEX said it may use the same early-settlement process for other contracts as liquidity declines during the shutdown.
All Remaining Positions Will Be Force-Closed on September 23
BitMEX will end exchange trading at 04:00 UTC on September 23. Any positions still open at that point will be force-closed, ending trading after more than 11 years of exchange operations.
Owner HDR Global Trading said the closure followed a strategic review of the business and broader crypto industry and was not caused by financial distress, hacks or immediate regulatory pressure.
BitMEX will continue crediting deposits until the closure time and says users will retain limited account access afterward to view balances and withdraw assets. It has urged customers to withdraw before the deadline.
Fully verified balances left on the platform after September 23 will incur a monthly account fee equivalent to 1% per year or $50, whichever is greater, until withdrawn.
The immediate task for traders is now to manage existing exposure under reduce-only restrictions before BitMEX progressively settles its remaining contracts.
