BitMEX Is Shutting Down: What Users Need to Do First (Closure Timeline Included)

Key Takeaways

• BitMEX Permanent Closure Date: Parent company HDR Global Trading Limited has officially announced that BitMEX will permanently shut down all trading operations on September 23, 2026, at 04:00 UTC.

• Immediate Changes: New user sign-ups are officially suspended. All staked BMEX tokens have been automatically unstaked and returned to user spot accounts, ready for withdrawal at any time.

• Key Cutoff Date: Starting August 26, 2026, at 04:00 UTC, accounts will switch to “Reduce-Only” mode, and the exchange will begin force-closing open positions in batches.

• Overdue Custody Fees: If you don’t withdraw your funds before September 23, remaining KYC-verified accounts will face a monthly custody fee of $50 or 1% annually—whichever is higher.

• Seamless Migration: As a long-standing crypto derivatives platform, BTCC is the top choice for migrating BitMEX users, featuring high-leverage futures trading and competitive welcome deposit bonuses.

BitMEX Is Shutting Down: What Users Need to Do First (Closure Timeline Included)

After 11 years of operation, BitMEX, one of the pioneers of perpetual swap trading, has officially entered its liquidation and shutdown process. For users who still hold assets, open positions, or BMEX tokens on the platform, the coming months represent an important window to complete account settlement and asset transfers.

Missing key deadlines could lead to forced liquidations, trading restrictions, or even custody fees on assets left behind after the exchange closes. Understanding the timeline and taking action early is the best way to protect your funds and avoid unnecessary costs.

Full BitMEX Closure Timeline

July 23, 2026 (Already Effective): Official Closure Announcement

BitMEX formally announced its shutdown and stopped accepting new user registrations. At the same time, all BMEX staking positions were unlocked, and the tokens were returned directly to users’ spot accounts for withdrawal or transfer.

August 26, 2026, 04:00 UTC: Risk-Control Phase Begins

From this date onward, users will no longer be able to open new positions. Only position reductions, position closures, and withdrawals will remain available.

BitMEX will also begin reducing support for low-liquidity contracts and may gradually liquidate remaining positions to ensure an orderly exit process. Users holding leveraged or perpetual positions should manage them proactively rather than wait for automatic liquidation under less favorable market conditions.

September 23, 2026, 04:00 UTC: Official Closure Time

This marks the end of all trading services on BitMEX.

Any positions that remain open at this point will be forcibly closed by the system. Spot and derivatives trading will cease entirely, while only historical data access and withdrawal functions will remain available.

After September 23, 2026: Dormant Asset Custody Phase

Users who have completed KYC verification but leave assets on the platform may be subject to custody charges.

According to the announcement, BitMEX may charge either the equivalent of USD 50 per month or 1% annually of the remaining assets, whichever amount is higher. Even users who no longer intend to trade should consider withdrawing funds as early as possible to avoid unnecessary fees.

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The Three Most Important Actions for Users

1. Stop opening new positions

If you still hold leveraged positions, perpetual contracts, or active orders, consider closing them as soon as possible. After August 26, trading flexibility will be reduced and liquidity may decline, making early action more favorable than waiting for forced liquidation.

2. Review your account balances

Check all available balances, margin funds, unstaked BMEX tokens, and any other assets to ensure everything has been converted into withdrawable funds.

3. Prepare a new exchange account in advance

Before initiating withdrawals, complete registration, KYC verification, and security settings on your new platform, such as BTCC, and obtain the correct deposit addresses. Preparing in advance can make the transfer process smoother and reduce operational risks.

Before Transferring Cryptocurrency: Four Things to Confirm

Transferring assets from BitMEX to BTCC or another exchange is generally straightforward, but several details are essential to ensure funds arrive safely.

1. Confirm that the transfer network matches

This is one of the most common mistakes in crypto transfers.

If you withdraw via the TRC20 network from BitMEX, you must select TRC20 on the receiving exchange as well. Sending assets between mismatched networks, such as ERC20 to TRC20, can result in delays or permanent loss of funds.

Always double-check the blockchain network, address format, and transfer details before confirming a withdrawal.

2. Check whether a Tag or MEMO is required

Certain assets, including XRP, EOS, and some other blockchain tokens, require an additional Tag, MEMO, or destination identifier.

If this information is missing or entered incorrectly, the assets may reach the exchange but cannot be credited automatically, requiring manual recovery procedures.

Always copy both the deposit address and the corresponding Tag or MEMO carefully.

3. Make sure all positions and orders have been cleared

Users sometimes discover that withdrawals are unavailable simply because open positions or pending orders still exist.

Before withdrawing funds, make sure to:

• Close all perpetual and leveraged positions;
• Cancel all limit and conditional orders;
• Release any margin funds;
• Convert account equity into withdrawable balances.

Completing these steps ensures that assets can be transferred smoothly.

4. Complete BTCC security settings and KYC in advance

Before receiving transferred assets, it is recommended to:

• Complete identity verification (KYC);
• Enable Google Authenticator (2FA);
• Activate withdrawal security features;
• Confirm that deposit addresses have been generated correctly.

Preparing these settings in advance can help avoid delays and ensure that deposits, withdrawals, and future trading activities proceed without interruption.

For most users, the BitMEX shutdown is primarily an asset migration process rather than a complicated event. By handling positions early, confirming transfer details, and preparing a new trading account in advance, users can complete the transition efficiently and keep their funds secure.

Withdrawing Funds from BitMart to BTCC: A Guide

To ensure fund security and simplify the process, it is recommended to open your BTCC account and generate a deposit address before clicking “Withdraw” on BitMart.

This avoids frequent app switching and makes it easier to verify the consistency of the blockchain networks on both platforms at the last step.

Step 1: Generate Your Deposit Address on BTCC

Log in to your BTCC account.

Go to “Assets” → “Deposit”.

Select the cryptocurrency you want to transfer.

Choose the correct blockchain network (e.g., TRC20 or ERC20 for USDT).

Copy the deposit address. If a Memo or Tag is displayed, copy that as well.

Step 2: Withdraw Your Cryptocurrency from BitMEX

Once you have generated your deposit address on BTCC, you’re ready to transfer your assets from BitMEX.

Log in to your BitMEX account, navigate to “asset”, and select “Withdraw.”

Follow these steps to complete the withdrawal safely:

Select the cryptocurrency you want to withdraw

Choose the same asset that you intend to deposit into BTCC, such as USDT, BTC, ETH, or another supported cryptocurrency.

Paste your BTCC deposit address

Copy the deposit address from your BTCC account and paste it into the withdrawal form on BitMEX. If the receiving asset requires a Tag or MEMO—such as XRP or EOS—be sure to enter that information as well. Omitting it may prevent your deposit from being credited automatically.

Enter the withdrawal amount and review all details

Before submitting your request, carefully verify the following:

• The selected cryptocurrency is correct.
• The blockchain network matches the BTCC deposit network exactly (for example, TRC20, ERC20, or the Bitcoin network).
• The deposit address has been copied correctly.
• The Tag or MEMO has been entered accurately, if required.

Blockchain transactions are generally irreversible, so taking a few extra moments to review every detail can help prevent costly mistakes.

Complete the security verification

After confirming the information, complete BitMEX’s required security checks, including email verification and two-factor authentication (2FA). Once the verification is complete, submit your withdrawal request.

Your withdrawal will then be broadcast to the blockchain network for confirmation. Processing times vary depending on the cryptocurrency and network congestion, but most transfers are completed within a few minutes to several dozen minutes. You can track the transaction using the TxID provided by BitMEX and monitor the deposit status in your BTCC account.

How to Deposit Crypto into BTCC and Unlock Welcome Deposit Bonuses

If you’re transferring to BTCC for the first time, you may also be eligible for new-user promotions after completing your deposit. By joining the available campaigns, qualifying users can receive deposit bonuses and other trading rewards while moving their assets.

Register your BTCC account and activate the promotion

After creating your BTCC account, visit the Reward Center to review the available welcome offers and activate the eligible first-deposit tasks before transferring your funds. Completing this step in advance helps ensure that your deposit qualifies for the promotion.

Unlock tiered deposit bonuses

BTCC offers tiered Deposit Bonus promotions for eligible first-time deposits.

Once your initial deposit reaches the required amount—typically measured in USDT—you can unlock the corresponding bonus tier. Depending on the campaign rules, these bonuses may be used to offset futures trading fees or serve as eligible trading margin.

Because promotional amounts, qualification requirements, and bonus rules may change over time, it’s a good idea to review the latest campaign details before making your first deposit.

Check for exclusive migration benefit

BTCC also launch special promotions for new users migrating from BitMEX. These campaigns can include discounted trading fees, bonus vouchers, trial funds, or other limited-time incentives.

After completing your deposit, follow the instructions on the promotion page to submit any required verification. Once approved, eligible rewards are typically credited to your Reward Center or funding account for future use.

Before placing your first trade, verify that your deposit has been credited successfully and confirm that any applicable bonuses have been added to your account. This ensures you can take full advantage of the available promotions as you begin trading on BTCC.

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The Transfer Is Complete: What’s Next?

Once your cryptocurrency has been successfully credited to your BTCC account, the migration process is essentially complete. Before you resume trading, however, it’s worth taking a few extra minutes to verify your funds and prepare your new trading environment.

These final checks can help ensure your assets have arrived safely and make the transition from BitMEX as smooth as possible.

Verify your deposit and account balance

Start by opening your BTCC funding or asset account and confirm that your deposit has been credited successfully.

Compare the amount received with the actual withdrawal amount recorded on BitMEX after network fees were deducted. Since blockchain transaction fees are typically subtracted during withdrawal, the credited balance should match the net amount sent rather than the amount originally entered in your withdrawal request.

If you transferred multiple cryptocurrencies, review each asset individually to ensure every deposit has arrived correctly.

Download your BitMEX trading history

Although BitMEX will continue to provide read-only access for a period after trading ends, it’s best not to wait until the last minute.

Before historical access is removed, download your complete trading history, account statements, funding records, and CSV reports from your BitMEX account and store them in a secure location.

These records may be useful for portfolio tracking, tax reporting, accounting purposes, or simply reviewing your previous trading activity in the future.

Rebuild your trading setup on BTCC

After your funds have arrived, spend some time becoming familiar with BTCC’s trading interface and available tools.

You may want to configure your preferred leverage settings, take-profit and stop-loss (TP/SL) orders, position mode, and other risk management features before placing your next trade.

If you previously traded perpetual contracts on BitMEX, setting up your preferred trading environment in advance can make the transition much more seamless.

Common Transfer Mistakes and How to Avoid Them

Exchange closures often trigger a large number of withdrawals within a short period. Increased blockchain traffic and higher user activity can make mistakes more likely, so paying attention to the following issues can help protect your assets.

1. Choosing the wrong blockchain network

Using an incorrect network remains one of the most common causes of failed cryptocurrency transfers.

For example, sending ERC20-USDT from BitMEX to a TRC20-USDT deposit address on BTCC may prevent your funds from being credited automatically and could require a lengthy recovery process.

How to avoid it

Always confirm that the withdrawal network and the receiving network are identical. Don’t rely solely on the asset name—verify both the blockchain network and the address format before submitting your withdrawal.

2. Waiting until the final deadline

As the shutdown date approaches, withdrawal requests are likely to increase significantly. Higher blockchain congestion and additional security reviews may result in longer processing times.

Leaving your transfer until the final days could increase the risk of unexpected delays.

How to avoid it

Complete your withdrawals as early as possible instead of waiting until just before September 23. If you still have open derivatives positions, consider closing them and arranging your withdrawals before the August 26 risk-control phase begins.

3. Falling for fake customer support or scams

When a major exchange announces its closure, scammers often take advantage of the situation by creating fake support accounts on social media, Telegram, or messaging platforms.

They may advertise “priority withdrawals,” “express processing,” or unofficial customer support services designed to steal account credentials or cryptocurrency.

How to avoid it

BitMEX has not announced any paid fast-track or priority withdrawal services. Always manage your account through the official website or mobile app, and ignore unsolicited messages or unofficial support channels.

What If BTCC Doesn’t Support Your Token?

Some BitMEX users may hold lower-liquidity tokens or derivatives that are not currently listed on BTCC. If your asset isn’t supported, there are several practical alternatives.

Option 1: Convert it into a major cryptocurrency

If trading is still available on BitMEX, consider exchanging the unsupported asset for a widely accepted cryptocurrency such as USDT, BTC, or ETH.

This simplifies the transfer process and reduces potential compatibility issues during migration.

Option 2: Transfer the converted assets to BTCC

Once the conversion is complete, withdraw the resulting USDT, BTC, or ETH directly to your BTCC account.

Major cryptocurrencies typically benefit from broader blockchain support, faster confirmations, and stronger liquidity, making them easier to use for future spot or derivatives trading.

Option 3: Move the asset to a self-custody wallet

If you intend to keep the unsupported token as a long-term investment, consider withdrawing it to a compatible self-custody wallet such as MetaMask or Trust Wallet.

This allows you to maintain full control of your assets while waiting for additional exchange support in the future.

Why Are Many BitMEX Users Moving to BTCC?

For experienced derivatives traders, choosing a replacement exchange involves more than simply transferring funds. Security, trading performance, liquidity, and long-term reliability all play an important role.

Many former BitMEX users choose BTCC for several key reasons.

A long operating history and established security record

Founded in 2011, BTCC is one of the world’s longest-running cryptocurrency exchanges.

Over the years, it has built a reputation for stable operations, security management, and risk controls, making it a familiar choice for experienced traders seeking continuity.

A trading environment designed for derivatives

BTCC focuses on perpetual futures and other derivatives products while offering flexible leverage and deep market liquidity.

For users who previously traded on BitMEX, the platform provides a familiar derivatives-focused experience with efficient order execution and competitive trading conditions.

Incentives for new and migrating users

BTCC regularly offers welcome promotions for new users, including deposit bonuses, trading fee discounts, and other limited-time campaigns.

These incentives can help reduce the cost of switching platforms while giving new users additional flexibility as they begin trading.

If you encounter any issues during the migration process—such as delayed withdrawals, deposits that have not been credited, or account verification problems—contact the exchange’s official customer support as soon as possible for assistance through the official website or app.

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