Microsoft stated on the game's official website that no new players will be added to the closed beta test:
"The decision has been made to stop development on Fable Legends, and the service will cease to be available after 15:00 GMT on Wednesday 13 April 2016. Players who already have access to the closed beta will be able to continue playing the game until this time. Gold purchases from the in-game bank will be disabled with immediate effect."
The announcement added that players who purchased gold during the closed beta will be given refunds, with more details on how that will be handled to be revealed in the next seven days.