BitMEX has begun winding down customer accounts after officially closing its exchange operations, with users who leave funds on the platform facing account service fees.
The cryptocurrency derivatives exchange stopped trading, deposits and new position openings at 04:00 UTC on September 23, ending more than 11 years of operations. Customers can still log in and withdraw available funds, but BitMEX is encouraging users to move their assets as soon as possible.
Account Fees Apply to Remaining Balances
BitMEX previously stated that fully verified customers who failed to withdraw their balances by the closure deadline would face a monthly account fee of 1% per year or the equivalent of $50, whichever is greater.
The fee applies only against funds remaining in the account. Customers will not owe BitMEX additional money if their balance is eventually depleted.
A September 23 support update said account service fees will be applied from October 1 to customer accounts that have completed KYC. It also said fees can apply to accounts that have not completed KYC, with applicable rates communicated to customers through their registered email addresses.
For smaller balances, the $50 minimum can significantly reduce remaining funds. Larger balances may instead incur the annualized percentage charge, depending on the applicable terms.
Withdrawals Remain Available
Although BitMEX has stopped operating as an exchange, users have not lost access to their remaining funds.
Customers can still access their accounts, review wallet balances and submit withdrawal requests. BitMEX has also warned that increased withdrawal activity and blockchain confirmation times could cause processing delays.
The company has urged customers to remain alert for phishing attempts during the wind-down. It said there is no priority or expedited withdrawal service and warned users not to provide private keys or seed phrases.
The shutdown follows a strategic review by BitMEX owner HDR Global Trading Limited. The company said the decision was not caused by financial distress, hacking or immediate regulatory pressure.
With trading now ended, the focus has shifted to completing customer withdrawals and closing remaining accounts. Users who leave balances on the platform face continuing fees under BitMEX’s account-service terms.
