BitMEX enters reduce-only mode as closure approaches

BitMEX will enter reduce-only mode at 04:00 UTC on Aug. 26, restricting traders from placing new positions. Existing positions may be force-closed during the wind-down process. The closure follows a strategic review by HDR Global Trading Limited, which decided to shut down the exchange, clarifying that financial distress, a hack, and regulatory pressure were not factors in the decision. After Aug. 26, traders can reduce exposure but will lose the ability to add to positions, with the risk of BitMEX intervening before the final closure on Sept. 23. At that time, BitMEX will force-close all remaining positions using the relevant settlement price, with funds credited to user wallets. Limited account access will remain post-closure for viewing balances and transaction history, but trading services will be unavailable. A monthly account fee of 1% per year or 50 dollars will apply to verified balances left after Sept. 23, until withdrawn. Additionally, API withdrawals will be disabled on Sept. 28, requiring manual withdrawals through the BitMEX website.