Cryptocurrency exchange BitForex has announced that it will soon resume processing withdrawals following a five-month interruption caused by a police investigation in China.
In a post on X, the exchange revealed that while trading and deposits remain suspended, users who complete know-your-customer (KYC) verification can withdraw their funds.
Dear Bitforex Users,
We sincerely apologize for the inconvenience and concerns you have experienced during this period. On February 23, 2024, the Bitforex team was detained and investigated by the Jiangsu Province police in China. This unexpected event caused the platform to…
— BitForex (@bitforexcom) July 19, 2024
BitForex went offline on February 23 after experiencing a significant outflow of $57 million. This situation blocked user withdrawals and access to the site, leading to a warning from Hong Kong’s Securities and Futures Commission (SFC).
The post from BitForex stated, “On February 23, 2024, the BitForex team was detained and investigated by Jiangsu Province police in China. This unexpected event rendered the platform inaccessible, preventing users from withdrawing their assets on that day.”
The exchange has indicated that after all user assets have been returned, all operations will cease and undergo a “comprehensive rectification.”
Additionally, BitForex has not posted any updates on X since February 20, and the lack of communication has led to concerns and legal threats from projects such as the memecoin CatCoin. Hong Kong’s regulator warned about the platform’s suspicious activities in March.
Former CEO Jason Luo, who resigned in January, shared a similar update regarding the investigation on his X account on July 19.
