BitForex Resumes Withdrawals After 5-Month Suspension: What Users Should Know

After a mysterious five-month shutdown, bitforex bitforex - Centralised Exchange , a well-known cryptocurrency exchange, is finally resuming user withdrawals. The platform had been inoperative since February 23, 2024, when police in Jiangsu Province, China detained its team amidst 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 identities.

Get Used to the New Normal!

BitForex has outlined several changes users should expect. While withdrawals are now available, trading operations are on hold to prevent new transactions. In a tweet, the exchange detailed what happened and what’s next.

New user sign-ups and deposit activities are currently suspended. Services and products provided by BitForex will be paused for a comprehensive 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 experienced a significant outflow of $57 million on February 23, leading to intervention by authorities. 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 about BitForex’s lack of proper licensing. BitForex’s CEO, Jason Luo Jason Luo Jason Luo is the Co-Founder and CEO of BitForex, a cryptocurrency exchange. He is based in Hong Kong and has experience from previous roles 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 , stepped down before the detention, further amplifying concerns.

Since its opening in 2017, BitForex has served over six million active users. In a long Twitter post from their official handle, they provided all the information on what’s next.

After the tweet was published, numerous scam Twitter accounts began posing as BitForex representatives. The official account warned users to stay alert and beware of such messages. Users will only be able to withdraw their funds using the official website.

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The wait is over. BitForex withdrawals are back. Are you excited?