Woofun AI reports that BitMEX, the Seychelles-based exchange founded by Arthur Hayes, confirmed its cessation of operations on July 23, setting a hard stop for all services at 04:00 UTC on Sept. 23. This timeline grants users a two-month window to liquidate exposures and extract capital, while new account registrations have already been suspended.

The operational wind-down involves immediate force-closing of contracts as the deadline approaches, with no position-transfer mechanism available to migrate open interests. Consequently, any hedging or exposure established on other platforms constitutes a separate trade rather than a continuation of existing positions. Users who fail to close positions by the cutoff will retain access to log in, view balances, and review records, but only to request withdrawals.

Financial penalties for delayed exits are severe, targeting KYC-verified accounts that retain assets beyond the closure date.

Woofun AI data shows these accounts face a monthly fee calculated as the greater of $50 equivalent or 1% per year on the remaining balance.

Furthermore, BitMEX warned that additional reviews and blockchain constraints may delay withdrawals, explicitly stating there is no priority service for moving funds.

Market impact remains limited due to BitMEX's minimal concentration in global trading activity. Its 24-hour turnover represents only about 0.26% of Binance's volume, suggesting that market-wide volume displacement will be negligible even as the absolute deadlines for customers remain in effect.