BitForex, a centralized cryptocurrency exchange, announces reopening in withdraw-only mode after a five-month shutdown due to police investigation and team detainment.
Points
- BitForex operations were halted in February 2024 due to police investigation.
- The platform will reopen in withdraw-only mode.
- Users must pass KYC procedures for perpetual contracts.
- BitForex was ranked in the top 30 exchanges by trading volume before the shutdown.
After a five-month hiatus, the BitForex team has officially broken their silence, announcing the reopening of their platform in withdraw-only mode. This decision comes after the exchange’s operations were abruptly terminated in February 2024 due to a police investigation and the detainment of team members by the Jiangsu Province police in China.
In an official statement, BitForex apologized for the inconvenience and concerns caused by the unexpected shutdown. The platform was inaccessible for months, with users receiving restriction messages when attempting to sign in. However, by mid-July, the team managed to obtain permission from law enforcers to reopen the exchange, albeit in a limited capacity.
Starting soon, BitForex users will be able to withdraw their assets, although no trading operations or deposits will be recovered. Additionally, new registrations will be halted during the withdrawal campaign, and holders of perpetual contracts will be required to pass KYC （Know Your Customer） procedures again.
Before the shutdown, BitForex was ranked among the top 30 centralized exchanges by aggregated trading volume, reaching $2 billion per day in early 2024. The exchange
also held significant amounts of Tellor （TRB） and OMI micro-cap tokens, which experienced notable price movements prior to the shutdown.
BitForex’s representatives stressed that the official campaign through their main website is the only legitimate way to recover assets. They warned users to stay vigilant against scammers offering “emergency” withdrawals with high priority, as these are likely fraudulent schemes.
解説
- BitForex’s unexpected shutdown in February 2024 was due to a police investigation, causing significant disruption for users.
- The platform will soon reopen in a withdraw-only mode, allowing users to recover their assets but not resume trading.
- KYC procedures will be enforced for perpetual contract holders to ensure compliance and security.
- BitForex’s prior status as a top 30 exchange highlights its significant role in the cryptocurrency market before the shutdown.
- Users are advised to follow official channels for asset recovery and remain cautious of potential scams during the withdrawal process.