BitMEX Enters Reduce-Only Mode as Shutdown Looms

BitMEX, one of the largest cryptocurrency derivatives exchanges, is starting to shut down its operations. The exchange will enter reduce-only mode at 04:00 UTC on Aug. 26, meaning traders can no longer open new positions but can still reduce their existing exposure.

The shutdown follows a strategic review by HDR Global Trading Limited, BitMEX's owner and operator. According to the exchange, financial distress, a hack, or regulatory pressure were not the causes of this decision.

During the wind-down period, which will last until Sept. 23, traders may face forced closures of their positions to support an orderly shutdown. The exchange warns that it accepts no responsibility for trading losses caused by users being unable to close positions during this time.