BitMEX Blocks New Positions Ahead of Shutdown, Forces Closure of Remaining XBTUSD Contracts

BitMEX has announced that it will block new positions in its XBTUSD market on August 26, marking the beginning of a two-stage shutdown. The exchange will apply risk limits at this time, preventing users from opening new positions, but allowing them to reduce existing ones.

The $39.45 million figure represents the face value of open interest in the XBTUSD market as of August 10, based on a snapshot of one market instrument. This amount is not reflective of BitMEX-wide exposure or traders' collateral.

BitMEX will force-close any positions still open at 04:00 UTC on September 23, marking the end of exchange services. Users who leave assets on the platform after closure will face a monthly account-fee assessment based on the greater of $50 equivalent or 1% per year of the remaining balance.

BitMEX's owner and operator, HDR Global Trading Limited, made the decision to shut down the exchange following a strategic review. The company announced its intention to close in July, with services set to end on September 23.