Crypto derivatives platform BitMEX has restored withdrawal capabilities for users residing in six territories that were earlier prohibited from accessing the exchange, following its recent operational shutdown.
The company announced on Sept. 24 that individuals located in the United States, Canada, Hong Kong SAR, Bermuda, Seychelles and Myanmar are now able to log into their accounts, perform any necessary identity verification, and retrieve whatever funds are left.
Previously, these regions were designated as restricted jurisdictions, blocking local customers from utilizing BitMEX trading features. These geographic limitations have been temporarily removed solely to allow asset recovery following the platform’s closure on Sept. 23.
This update provides former users who were previously barred due to their location with a straightforward method to reclaim assets left behind as BitMEX winds down. Individuals whose accounts were locked because of jurisdictional policies can log in using their current credentials, finish the required know-your-customer protocols, and initiate withdrawal requests.
Any customers encountering persistent issues accessing their accounts are advised to reach out to BitMEX customer support.
This withdrawal-only exception comes in the wake of BitMEX shutting down its exchange services on Sept. 23 at 04:00 UTC, concluding an 11-year history as a prominent cryptocurrency derivatives exchange. The platform has maintained its account and withdrawal systems while strongly encouraging users to clear out their remaining balances.
There is a clear distinction made between areas that BitMEX previously restricted due to commercial or regulatory factors and regions that remain under active sanctions.
BitMEX users in sanctioned regions face extra precautions
Individuals located in Cuba, Iran, North Korea, and specific Russian-controlled parts of Ukraine continue to face restrictions, alongside any other users impacted by relevant sanction regulations.
BitMEX noted that asset removals for these specific accounts are still evaluated through compliance reviews rather than benefiting from the wider access granted to the six previously restricted territories.
Certain individuals may still petition for access through more limited exemptions.
For instance, Iranian citizens residing outside of Iran who do not fall under US, UN, or EU sanctions can apply for withdrawals by submitting proof of their foreign residence. BitMEX stated it will evaluate these requests on a case-by-case basis.
Similarly, Russian citizens living in Switzerland or the European Union can request access by presenting residency documentation, such as recent bank statements, government mail, or utility bills.
Even so, all asset retrievals continue to undergo strict monitoring.
This policy adjustment directs the remainder of BitMEX’s operational efforts toward returning funds to users who may have been blocked from retrieving them under the platform’s historical geographic rules.
Additionally, the company cautioned users against depositing fresh funds into BitMEX addresses, as incoming transactions will no longer be credited. Customers are able to withdraw existing funds via the web interface, though withdrawals are subject to standard network fees and asset minimums.
As the wind-down advances, unclaimed funds left on the platform may also begin incurring account fees, providing a strong incentive for users to withdraw their balances promptly.
Established back in 2014 by Samuel Reed, Ben Delo, and Arthur Hayes, BitMEX evolved into a leading digital asset derivatives platform and helped popularize perpetual futures as a primary trading instrument in the crypto space. Crypto venture firm a16z notably referred to the platform as “one of crypto’s biggest markets,” noting that crypto exchanges cleared $86.2 trillion in perpetual volume over the past year.
Nevertheless, increasing regulatory scrutiny heavily influenced the later chapters of the industry pioneer.
In 2024, the exchange entered a guilty plea for breaching the US Bank Secrecy Act, consenting to a $100 million fine. Subsequently, in March 2025, President Donald Trump granted pardons to the platform’s co-founders, including Hayes, Reed, and Delo.
Frequently Asked Questions
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Which previously restricted regions can now withdraw funds from BitMEX?
Users in the United States, Canada, Hong Kong SAR, Bermuda, Seychelles, and Myanmar can now log in and withdraw remaining funds. -
Can users in sanctioned countries access their funds?
Customers in Cuba, Iran, North Korea, and Russian-occupied regions of Ukraine remain restricted, and their withdrawals are subject to strict compliance reviews rather than the general reopening. -
Are exceptions available for citizens of sanctioned countries living abroad?
Yes. Iranian nationals living outside Iran (not subject to US, UN, or EU sanctions) and Russian nationals living in the EU or Switzerland can apply for withdrawals by providing proof of foreign residence. -
Is it safe to deposit new funds into BitMEX?
No. BitMEX has warned users not to send new deposits because incoming funds will no longer be credited. -
When did BitMEX cease its exchange operations?
BitMEX officially ended its exchange operations at 04:00 UTC on Sept. 23.
