BitMEX has started winding down customer accounts following the official closure of its exchange operations, and users who leave funds on the platform will now face account service fees.

The cryptocurrency derivatives exchange halted trading, deposits, and the opening of new positions at 04:00 UTC on September 23, bringing more than 11 years of operations to an end. Founded in 2014, BitMEX helped popularize the perpetual swap — an expiry-free futures contract that has since become standard across crypto derivatives trading — and grew into one of the industry's best-known venues. Customers can still log in and withdraw available funds, though BitMEX is urging users to move their assets as soon as possible.

Fees Take Effect October 1 for Remaining Balances

Under terms communicated ahead of the closure, fully verified customers who did not withdraw their balances by the deadline will be charged a monthly account fee equal to 1% per year or the equivalent of $50, whichever is greater. The fee is charged only against funds left in an account, meaning customers will not owe BitMEX additional money if their balance is eventually depleted.

A September 23 support update confirmed that account service fees will take effect from October 1 on customer accounts that have completed KYC verification. Fees may also apply to accounts that have not completed KYC, with the applicable rates to be communicated to customers their registered email addresses — making those inboxes the channel to watch for unverified account holders.

The $50 minimum can significantly erode smaller balances: 1% per year works out to roughly $50 a month only on balances of about $60,000, so holdings below that level will bear the flat fee in full. Larger holdings may instead be subject to the annualized percentage charge, depending on the applicable terms.

Withdrawals Remain Available

Although BitMEX has ceased 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 cautioned that elevated activity and blockchain confirmation times could cause processing delays. The company stressed that there is no priority or expedited withdrawal service and warned users not to share private keys or seed phrases, urging vigilance against phishing attempts during the wind-down.

The shutdown follows a strategic review by BitMEX owner HDR Global Trading Limited. The company said the decision was not driven by financial distress, a hack, or immediate regulatory pressure. Customer withdrawals have continued uninterrupted — in contrast to past exchange collapses, where withdrawals were frozen while legal proceedings played out.

With trading now ended, attention has shifted to completing customer withdrawals and closing remaining accounts before fee accrual begins on October 1. Users who leave balances on the platform will face ongoing fees under BitMEX's account-service terms.