BitMEX opens fund recovery to customers it previously barred from the platform

BitMEX has opened withdrawal access to customers in six jurisdictions previously barred from using the exchange after ending operations this week.

On Sept. 24, the crypto derivatives platform said users in the United States, Canada, Hong Kong SAR, Bermuda, Seychelles and Myanmar can now log in, complete identity verification where required and withdraw funds remaining in their accounts.

Those markets had previously been classified as restricted jurisdictions, preventing customers there from accessing BitMEX trading services. The company has lifted those restrictions solely to facilitate fund recovery following its Sept. 23 shutdown.

The change gives former customers who were locked out because of their location a direct route to assets left on the platform as BitMEX winds down its operations. Users whose accounts were previously blocked on jurisdictional grounds can sign in with their existing credentials, complete know-your-customer checks and submit withdrawal requests.

Customers who still cannot access their accounts have been directed to contact BitMEX support.

The withdrawal-only exemption follows BitMEX’s decision to cease exchange operations at 04:00 UTC on Sept. 23, ending an 11-year run for one of crypto’s best-known derivatives venues. The exchange has continued to operate account and withdrawal infrastructure while urging customers to remove remaining balances.

The policy distinguishes between jurisdictions BitMEX previously restricted for commercial or regulatory reasons and territories still covered by sanctions.

BitMEX users in sanctioned regions face extra precautions

Customers in Cuba, Iran, North Korea and several Russian-occupied regions of Ukraine remain restricted, as do other users covered by applicable sanctions rules.

BitMEX said withdrawals from those accounts remain subject to compliance checks rather than the broader reopening granted to the six previously restricted markets.

Some users can still apply for access under narrower exceptions.

Iranian nationals living outside Iran who are not subject to US, United Nations or European Union sanctions may request withdrawals after providing evidence that they reside elsewhere. BitMEX said it will review those applications individually.

Russian nationals living in the European Union or Switzerland can also seek access by providing documents proving residence, such as recent utility bills, bank statements or government correspondence.

Still, all withdrawals remain subject to monitoring.

The policy change shifts BitMEX’s remaining operational focus toward returning assets to customers who may have been unable to access them under the exchange’s earlier geographic restrictions.

The company has also warned users not to send new deposits to BitMEX addresses because it no longer credits incoming funds. Users can withdraw existing balances through the web platform, subject to asset minimums and network fees.

Funds that remain on the exchange may also begin attracting account charges as the wind-down progresses, giving customers an incentive to complete withdrawals rather than leave balances behind.

Founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, BitMEX grew into a major crypto derivatives venue and helped propel perpetual futures into one of the industry’s dominant trading products. Notably, crypto venture firm a16z described it as “one of crypto’s biggest markets,” with crypto exchanges clearing $86.2 trillion in perp volume last year.

However, regulatory pressure increasingly shaped the sector pioneer's later years.

The exchange pleaded guilty in 2024 to violating the US Bank Secrecy Act and agreed to pay $100 million in penalties. President Donald Trump pardoned the platform's founders, including Hayes, Delo, and Reed, in March 2025.