According to CoinMeta, BitMEX announced that it will enter a risk-limiting mode where only closing positions is allowed at 04:00 on August 26, UTC. Users will only be able to close or reduce existing positions, and opening new positions will no longer be permitted. Trading services are expected to be permanently discontinued at 04:00 on September 23, UTC. The platform stated that this risk control measure is a voluntary and orderly business contraction aimed at helping to manage open contracts, margin requirements, liquidation risks, and settlement obligations. BitMEX was once an important derivatives platform in the crypto market, and its closure marks an intensification of market competition and a dispersion of liquidity.