BitForex Set to Resume Withdrawals After Closure Due to Chinese Police Inquiry
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BitForex is set to resume operations and will allow users to withdraw their funds.
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The platform’s team was apprehended and scrutinized by law enforcement in China on February 23.
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Following the withdrawal process, the exchange plans to halt all of its operations and services.
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The cryptocurrency exchange BitForex has announced it will reopen for withdrawals after a prolonged five-month closure prompted by an investigation by Jiangsu Province authorities in China.
According to a recent update shared via X, while trading and deposits will continue to be unavailable, users who have completed the necessary know-your-customer (KYC) requirements will have the opportunity to withdraw their assets.
BitForex went offline on February 23, following a significant outflow of $57 million. This led to users facing blocked access to the platform and prompted warnings from Hong Kong’s Securities and Futures Commission (SFC).
“On February 23, 2024, law enforcement detained the BitForex team for an investigation related to cyber activities in Jiangsu Province,” stated their announcement. “This unforeseen development rendered the platform inaccessible, preventing users from withdrawing their assets that day.”
After facilitating the return of assets to its clients, BitForex plans to terminate all of its operations and embark on extensive organizational rectification.
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