BitMEX will enter reduce-only mode at 04:00 UTC on Aug. 26 as part of its staged closure, stripping traders of the ability to place new positions while the exchange winds down existing ones.
The move follows a decision by the board of HDR Global Trading Limited, BitMEX's owner and operator, to close the derivatives exchange after a strategic review. BitMEX stated that financial distress, a hack, or immediate regulatory pressure were not the causes of the decision.
Under the closure timetable and operational FAQ published by the exchange, traders will still be able to reduce their existing positions after the Aug. 26 cutoff, but the exchange may close remaining open positions during the wind-down process.
