BitForex Exchange Resumes User Withdrawal Services After 5-Month Suspension

BitForex, a digital currency exchange, will recommence user withdrawal services following a five-month suspension. The Jiangsu Province police in China seized the BitForex crew on February 23rd as part of an ongoing investigation.

Digital currency exchange BitForex will resume user withdrawals after a five-month suspension.

On February 23, the Jiangsu Province police in China took the BitForex team into custody as part of an investigation.

“On February 23, 2024, the BitForex team was detained and investigated by the Jiangsu Province police in China. This event led to the suspension of the platform and the inability of users to withdraw their assets on that day,” the exchange announced in a statement on X (formerly Twitter).

The exchange will allow the withdrawal of funds, but trading and deposits will remain suspended, BitForex said.

To access the funds and verify their identity, users must complete the Know Your Customer (KYC) requirements.

Following a $57 million outflow and a police raid in China's Jiangsu Province, the exchange halted operations on February 23.

After the incident, several regulatory bodies expressed concern, including the Hong Kong Securities and Futures Commission (SFC), which warned users about the platform.

In June, a report by Coingape showed that the BitForex hot wallet was reactivated and contained TRB tokens valued at $43 million.

The development occurred amid minimal activity on the exchange since February 21 and sparked discussion about its regulatory compliance and future plans.

On-chain analysts, such as SomaXBT, observed that the hot wallet had resumed activity, which might influence cryptocurrency withdrawals and broader market dynamics.