BitMEX Trading Ends: What Happens to Users Who Don’t Withdraw Their Funds?

Crypto derivatives exchange BitMEX has halted trading services while keeping withdrawals open. Verified users who leave funds on the platform are subject to an account fee.

According to BitMEX’s statement, as reported by CoinDesk, trading, deposits, and opening new positions were disabled on Tuesday, September 22, at 07.00 TRT. Users can still log in to the platform’s website and withdraw their existing balances. The shutdown of trading services therefore does not mean customer assets have been frozen.

Leaving a balance will come at a cost

BitMEX urged customers to withdraw their funds. The fee terms reported in the article apply to users who have completed identity verification (KYC) and leave a balance in their accounts.

For the monthly account fee, the amount calculated at an annualized rate of 1% of assets is compared with the minimum fee equivalent to $50, and the higher amount applies. The 1% does not mean that 1% of the balance will be deducted every month; the source gives this rate on an annualized basis.

Closure decision announced in July

BitMEX, founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, was one of the platforms that helped popularize perpetual futures contracts in the crypto market. The exchange announced its closure in July following a strategic review by its parent company, HDR Global Trading.

With the latest development, the previously announced decision has taken effect for trading and deposit services. The service that remains available to users is the withdrawal of existing balances.