BitForex announces the reopening of asset withdrawals after a five-month shutdown due to a police investigation.
Points
- BitForex to enable asset withdrawals after a five-month hiatus.
- The platform was shut down due to a police investigation in China.
- Trading operations and new registrations will not be restored.
In an official statement, the BitForex team has finally broken their silence following a five-month shutdown. The centralized cryptocurrency exchange had ceased operations on February 23, 2024, due to a police investigation and the detainment of team members by the Jiangsu Province police in China.
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
The team explained that the nature of the situation prevented timely communication while the platform remained inaccessible. Users attempting to sign in were met with messages about the restrictions.
As of mid-July, the BitForex team received permission from law enforcement to reopen the exchange, but only in a withdrawal-only mode. This means that while users will be able to withdraw their assets, no trading operations or deposits will be allowed. Additionally, new registrations will be halted during this period, and holders of perpetual contracts will need to undergo KYC procedures again.
The exact timeline for the withdrawal campaign is yet to be announced, but the team assures users that it will commence “soon.” Prior to the shutdown, BitForex was ranked among the top 30 centralized exchanges by trading volume, with daily spot section volumes reaching $2 billion in early 2024.
解説
- The reopening of BitForex for asset withdrawals is a crucial step for user trust and recovery of assets.
- The exchange’s shutdown highlights the regulatory and operational risks associated with centralized cryptocurrency exchanges.
- Users should be cautious of scams promising early withdrawals and follow official channels for updates and asset recovery.