Blockchain
BitForex Resumes Withdrawals After 5 Months of Suspension: What Users Should Know
After a mysterious five-month closure, bitforex
bitforex Centralized Exchange
a popular cryptocurrency exchange is finally resuming user withdrawals. The platform had been inactive since February 23, 2024, when police in China’s Jiangsu province arrested its team amid a large-scale investigation.
Users can now access their funds again, although trading and deposits remain suspended. To withdraw funds, users must complete KYC procedures and verify their identity.
Get used to the new normal!
BitForex has outlined several changes that users should expect. While withdrawals are now available, trading is suspended to prevent new transactions. In a tweet, the exchange detailed what has happened and what is to come.
New user registrations and deposit activities are currently suspended. The services and products provided by BitForex will be suspended for a complete rectification process. Withdrawals will be directed to personal or third-party wallets chosen by users. Those with perpetual contracts must submit KYC documents, including a passport and phone number, to complete the process.
Revealing the critical investigation
The investigation began after BitForex recorded a significant outflow of $57 million on February 23, prompting the authorities to intervene. During the shutdown, many users were left frustrated and anxious, with no updates from the platform. The Hong Kong Securities and Futures Commission (SFC) had previously warned Lack of proper licensing for BitForex. The CEO of BitForex, Jason Lou
Jason Luo Jason Luo is the co-founder and CEO of BitForex, a cryptocurrency exchange. He is based in Hong Kong and has previous experience at Red Rock Capital and Eastern Altitude. Luo is also the Head of Business Development at BitForex. He holds a Bachelor’s Degree in Business Administration and Management, a Master’s Degree in Entrepreneurship/Entrepreneurial Studies, and a Diploma in Business Administration and Management Chief Executive Officer, resigned before his detention, further amplifying concerns.
Since its launch in 2017, BitForex has served over six million active users. In a long Twitter post from their official handle, they provided all the information about what is coming next.
After the tweet was published, numerous scam Twitter accounts started impersonating BitForex representatives. The official account warned users to be careful and watch out for such messages. Users will only be able to withdraw their funds through the official website.
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The wait is over. BitForex withdrawals are back. Are you excited?