BitMEX is letting customers in six once-blocked regions complete identity checks and pull out funds after shutting down trading. Users in sanctioned areas are still locked out.
BitMEX is giving customers in six regions it once blocked a last chance to withdraw their money. The exchange is winding down for good. This comes right after BitMEX stopped all trading on September 23, 2026, ending its 11-year run as a major crypto derivatives platform. Users can no longer make deposits. Only withdrawals are allowed now. Trading is gone for good.
Withdrawal access after shutdown
Starting September 24, people in the United States, Canada, Hong Kong SAR, Bermuda, Seychelles, and Myanmar can log in, finish any required KYC checks, and request to withdraw what's left in their accounts. These places were previously on BitMEX's restricted list, which blocked residents from trading. BitMEX is lifting the ban only to let users get their money out. Trading and new sign-ups are not coming back.
BitMEX officially shut down exchange trading on 23 September 2026 at 04:00 UTC, but withdrawals remain open for a limited time as part of the wind-down process.
People who were locked out because of where they live now have a way to get their assets off the platform. BitMEX warns that new deposits will not be credited. If users leave money on the exchange, they may face account charges as the wind-down goes on. If you leave a verified balance after shutdown, BitMEX will charge you each month: the higher of $50 or 1% annualized, taken from your remaining funds. If you can't access your account, BitMEX says to contact support directly. The company also warns against trusting anyone offering "priority withdrawals" and says all account issues must go through official channels.
Sanctioned regions remain blocked
BitMEX is still blocking accounts from Cuba, Iran, North Korea, and Russian-occupied parts of Ukraine, along with other places under international sanctions. Withdrawals from these accounts are still subject to compliance checks and are not included in the broader reopening. There are some exceptions. Iranian nationals living outside Iran, who are not under U.S., U.N., or EU sanctions, can apply for withdrawals if they show proof of residence elsewhere. Russian nationals living in the EU or Switzerland can also try to withdraw by submitting documents like utility bills or government letters. All withdrawal requests are checked for compliance. API-based withdrawals are only available until September 28, 2026. After that, users must use the website to get their funds.
BitMEX's legacy and regulatory pressure
Arthur Hayes, Ben Delo, and Samuel Reed started BitMEX in 2014. The exchange helped make perpetual futures popular-a product now standard in crypto derivatives trading. According to a16z, crypto exchanges handled $86.2 trillion in perpetual contract volume last year. BitMEX played a big part in building that market. But in later years, regulators closed in. In 2020, U.S. authorities charged BitMEX's founders with Bank Secrecy Act violations. The company later settled with U.S. regulators. Since then, compliance has shaped how BitMEX is shutting down.
BitMEX's withdrawal-only policy now draws a clear line. Users in previously restricted but non-sanctioned regions can get their money out. Those in sanctioned areas are still blocked. The company is focused on returning assets to people who were locked out, and warns not to send new deposits. As the shutdown continues, users need to act fast before account charges eat into their balances.
BitMEX's wind-down terms specify that API-based withdrawals are only available until 28 September 2026 at 04:00 UTC, after which users must use the website for fund recovery. This policy, along with ongoing monitoring of all withdrawals, reflects the exchange's heightened compliance focus during its final phase.
BitMEX's approach to letting users in restricted regions withdraw stands out compared to other exchange shutdowns. In some cases, users have waited years or lost everything. For example, the Liquid exploit showed how technical failures and access controls can leave users exposed, even with strong private key security.
Market data and user impact
BitMEX's closure ends a platform that once led crypto derivatives trading. In 2023, perpetual futures volume across major exchanges hit $86.2 trillion, according to a16z. BitMEX's share isn't specified, but its early products shaped the market traders use today. By letting previously restricted users withdraw, BitMEX may set a new standard for how centralized exchanges handle shutdowns and regional barriers.
Reopening withdrawals for select regions shows BitMEX is willing to help users recover assets, even if it comes late. The company is still strict with sanctioned regions. This shows how crypto market access, international law, and user protection all collide. For U.S. users and others affected by location bans, this is a reminder that exchange access can change fast. The ability to withdraw funds depends on both regulation and the exchange's own rules.
When a centralized exchange shuts down or blocks users by region, getting your money back depends on the platform's compliance policies and the law. Geographic bans, sanctions, and KYC rules can leave assets stuck, especially if regulators force a sudden shutdown. BitMEX's withdrawal reopening gives some users a way out, but those in sanctioned regions may be locked out for good. This shows why it's important to know where an exchange is licensed, how it handles compliance, and what options you have if you lose access. For anyone holding assets on centralized platforms, this episode is a clear example of the trade-off between convenience and control.
