Bitcoin
Crypto Exchange BitForex to Open for Withdrawals Following Chinese Police Investigation
Cryptocurrency exchange BitForex has said it will open for withdrawals after a five-month shutdown prompted by an investigation by police in China’s Jiangsu province.
The exchange said in a Post X that trading and deposits will remain suspended, but that withdrawals will be open to customers who complete know-your-customer (KYC) verification.
BitForex went offline on February 23 after experiencing a $57 million outflow. User withdrawals and access to the website were blocked, prompting a warning from Hong Kong’s Securities and Futures Markets (SFC) regulator.
“On February 23, 2024, Bitforex staff were detained and investigated by police in Jiangsu Province, China,” the post read. “This unexpected event caused the platform to become inaccessible, and users were unable to withdraw assets that day.”
BitForex said that after returning the assets to users, it will cease all operations and undergo a “comprehensive rectification.”