Blockchain
Cryptocurrency exchange BitForex to open withdrawals after Chinese police investigation
Cryptocurrency exchange BitForex said it will reopen withdrawals after a five-month hiatus prompted by an investigation by police in China’s Jiangsu province.
The exchange stated in a post X that trading and deposits will remain suspended, but that withdrawals will be open to customers who complete KYC (know-your-customer) verification.
BiteForex went offline on February 23rd after experiencing a $57 million outflow. User withdrawals and access to the site were blocked, prompting a warning from Hong Kong’s Securities and Futures Markets Regulatory Authority (SFC).
“On February 23, 2024, the Bitforex team was arrested and investigated by the police of Jiangsu Province in China,” the post reads. “This unexpected event made the platform 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 subject the company to a “full rectification.”