- BitForex users can finally withdraw their funds after a five-month hiatus.
- The police investigation on February 23 halted BitForex operations and blocked user access to funds.
After a five-month suspension, triggered by a significant investigation, cryptocurrency exchange BitForex has announced it will soon allow users to withdraw their assets. This decision follows the detention of the BitForex team by Jiangsu Province authorities in China on February 23rd, which led to a halt in operations and concerns about the security of user funds.
Dear Bitforex Users,
— BitForex (@bitforexcom) July 19, 2024
We sincerely apologize for the inconvenience and concerns you have experienced during this period. On February 23, 2024, the Bitforex team was detained and investigated by the Jiangsu Province police in China. This unexpected event caused the platform to…
In a recent update via X (formerly Twitter), BitForex announced that trading and deposits will remain suspended. However, users who have completed the required know-your-customer (KYC) processes can now initiate withdrawals. To do this, users need to provide their KYC documentation, including a passport and phone number, especially for those holding perpetual contracts. Withdrawals will be processed directly to users’ personal or third-party wallets.
BitForex Crisis and Future Plans
On February 23, BitForex faced a significant crisis when the local police detained its team as part of a probe into alleged cyber activities. This unexpected development not only halted the exchange’s operations but also blocked users from accessing their funds. The shutdown followed a major financial disturbance involving an outflow of $57 million. This incident drew the attention of Hong Kong’s Securities and Futures Commission (SFC) and led to heightened scrutiny of the platform.
This incident left many users unable to access their funds and prompted warnings from the SFC. However, the crypto exchange has assured users that it has secured assets during this uncertain period. The company has also expressed regret for the inconvenience caused. It is focused on restoring trust and ensuring the safety of its users’ funds.
Looking ahead, BitForex plans to wind down its operations. The company will undergo a thorough organizational revamp once user withdrawals are fully processed. This step marks a significant transition for the platform, as it aims to resolve outstanding issues and prepare for its next phase.
