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BitForex Resumes Withdrawals After Five-Month Suspension Due to Investigation
BitForex has officially resumed withdrawals after a five-month suspension linked to an investigation. Discover what led to the halt and what this means for users as the exchange strives to regain trust and stability in the crypto market.
BitForex Announces Resumption of Withdrawals After Prolonged Outage
BitForex, a cryptocurrency exchange, has recently declared that it will resume withdrawals following a lengthy five-month suspension. This outage was triggered by an ongoing investigation initiated by the Jiangsu Province police in China. In a post on X (formerly Twitter), the exchange confirmed that while withdrawals will be reinstated for clients who complete the necessary know-your-customer (KYC) verification, trading and deposits will remain halted.
The troubles for BitForex began on February 23, 2024, when the platform suffered a significant outflow of approximately $57 million, leading to a complete block on user withdrawals and website access. This situation prompted a warning from Hong Kong’s Securities and Futures Commission (SFC), highlighting the serious nature of the issues faced by the exchange.
In their announcement, BitForex stated, “On February 23, 2024, the BitForex team was detained and investigated by the Jiangsu Province police in China.” The post further elaborated that this unforeseen event rendered the platform inaccessible, preventing users from withdrawing their assets on that critical day.
As the exchange works on returning assets to its users, BitForex has indicated that it plans to cease all operations following the asset returns and will undergo a “comprehensive rectification.” This step reflects the exchange’s commitment to addressing the issues that led to the prolonged disruptions and ensuring better practices moving forward.