- The crypto exchange stated that while trading and deposits will remain suspended, users can withdraw their funds if they complete know-your-customer verification.
- Early this year, BitForex experienced a $57 million outflow, leading to the Jiangsu Province police detaining the BitForex team and shutting down the platform.
Five months after a sudden shutdown, cryptocurrency exchange BitForex announced it would open for withdrawals following a police investigation in China that led to the detention of its team, Coindesk reported. This development marks the end of a tumultuous period for the exchange and offers a last chance for users to retrieve their funds.
On February 23, 2024, BitForex experienced a $57 million outflow, which prompted a shutdown of its services. That same day, the Jiangsu Province police detained the BitForex team, sparking a thorough investigation. The platform became inaccessible, preventing users from withdrawing their assets. This unexpected move led to a warning from Hong Kong’s Securities and Futures Commission (SFC).
See Related: BitForex Stops Withdrawals Without Notice Amid Reported Outflows Of $56.5M
Resumption Of Withdrawals
BitForex recently announced via an X post that while trading and deposits will remain suspended, withdrawals will be available to clients who complete know-your-customer (KYC) verification.
The exchange’s message stated: “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 become inaccessible, and users were unable to withdraw assets on that day.” After facilitating the return of assets to users, the Hong Kong-based cryptocurrency exchange plans to cease all operations and undergo a “comprehensive rectification.”
In May, The Distributed reported that BitForex’s users were experiencing withdrawal issues. The exchange did not provide a reason for suspending withdrawals, which occurred after the crypto exchange’s wallets experienced outflows estimated at $56.5 million. This incident came after Jason Luo stepped down as BitForex CEO after dedicating six years to the company.
