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BitForex Resumes Withdrawals Post Jiangsu Province Police Investigation
Cryptocurrency exchange BitForex has announced it will reopen for withdrawals following a five-month suspension instigated by an investigation from the Jiangsu Province police in China.
In a recent statement on X, BitForex disclosed that while trading and deposits remain on hold, withdrawals will be accessible to clients who complete the know-your-customer (KYC) verification process.
The exchange experienced a significant disruption on February 23, following a $57 million outflow. User withdrawals and site access were subsequently blocked, prompting a cautionary advisory from Hong Kong’s Securities and Futures Commission (SFC).
“On February 23, 2024, the BitForex team was detained and investigated by the Jiangsu Province police in China,” the post detailed. “This unforeseen incident rendered the platform inaccessible, preventing users from withdrawing their assets on that day.”
BitForex further stated that, following the restitution of assets to users, it will terminate all operations and initiate a “comprehensive rectification.”
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About the Author: Eunji Lim
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