Woofun AI reports that BitMEX, operated by HDR Global Trading Limited, enters reduce-only mode at 04:00 UTC on Aug. 26, stripping traders of new position authority while the board's strategic review drives the closure, explicitly excluding financial distress, hacks, or regulatory pressure as causes.

At 04:00 UTC on Sept. 23, the exchange executes a mandatory force-close on all remaining positions, utilizing the relevant settlement price or contract index to determine final values, with resulting funds immediately credited to each user's wallet balance.

Post-shutdown account access remains limited to balance views and withdrawal pages, while BitMEX imposes a monthly fee of 1% per year or $50, whichever is greater, on fully verified balances; this charge applies until withdrawal, cannot push balances below zero, and may reduce amounts below the minimum withdrawal threshold to zero.

Woofun AI data shows that API withdrawals, including institutional integrations with Fireblocks and Copper, are disabled at 04:00 UTC on Sept. 28, forcing users to execute manual withdrawals via the website as automated support ends.

Withdrawals are restricted to USDT, USDC, and ETH exclusively on the Ethereum network, marking a final operational constraint as the platform transitions from active trading to a static custodial state.