BitMEX Unbars Customers For Identity-Verified Withdrawals Above Undisclosed Minimum

BitMEX announced a policy update on Sept. 24, 2024, that permits customers previously barred from trading to verify their identity and withdraw funds. The change reverses the exchange's prior stance, which had blocked these customers from accessing their accounts and assets after trading activity ceased. Under the new framework, affected users can now complete identity verification and initiate withdrawals, provided they meet certain conditions tied to asset minimums and sanctions compliance.

The new policy requires that previously barred customers hold assets above a minimum threshold to qualify for withdrawal. While BitMEX has not publicly disclosed the exact dollar or cryptocurrency amount required, the exchange confirmed that customers with balances below the minimum will not be eligible to initiate the verification and withdrawal process. Customers must also complete a full identity verification process, including submitting government-issued identification and any additional documentation requested by BitMEX's compliance team.

BitMEX's policy explicitly maintains compliance with U.S. Office of Foreign Assets Control (OFAC) sanctions and other international sanctions regimes. Customers residing in or connected to jurisdictions subject to comprehensive sanctions remain excluded from the withdrawal and verification program. This includes individuals and entities on OFAC's Specially Designated Nationals (SDN) list, as well as those in countries subject to full embargoes.

The number of customers affected by the previous bar has not been disclosed by BitMEX, leaving the scope of the policy shift unclear. The policy does not restore trading access; it only permits identity verification and fund withdrawal, meaning customers will need to move their assets to another platform if they wish to resume trading.