BitForex Exchange Makes Unexpected Return After 5 Months
BitForex, a popular cryptocurrency exchange, is finally allowing users to withdraw their funds after a mysterious five-month shutdown. The platform had been inactive since February 23, 2024, when Chinese authorities detained its team as part of a large-scale investigation. While users can now access their funds again, trading and deposits on the platform remain suspended. To withdraw funds, users must complete KYC procedures and verify their identities.
BitForex has provided details on the changes users can expect. Withdrawals are now available, but trading operations have been temporarily halted to prevent new transactions. The exchange shared this information in a tweet. New user sign-ups and deposit activities have also been suspended. BitForex’s services and products will be put on hold for a comprehensive rectification process. Withdrawals will be directed to personal or third-party wallets chosen by the users. Users with perpetual contracts will need to submit KYC documents, such as a passport and phone number, to complete the process.
The investigation into BitForex was initiated after the exchange experienced a significant outflow of $57 million on February 23. Authorities intervened as a result. During the shutdown, many users were left frustrated and concerned, as there were no updates from the platform. The Hong Kong Securities and Futures Commission had previously warned about BitForex’s lack of proper licensing. The CEO of BitForex, Jason Luo, stepped down before the team’s detention, raising further concerns. Since its establishment in 2017, BitForex has served over six million active users. In a lengthy Twitter post from their official account, the exchange provided detailed information on what users can expect next.
After the tweet was published, numerous scammer accounts on Twitter began posing as representatives of BitForex. The official account issued a warning to users, advising them to stay vigilant and be cautious of such messages. Users will only be able to withdraw their funds through the official website.
Tags: Crypto news