BitForex Exchange Resumes Withdrawals After 5 Months: What You Need to Know
BitForex, a popular cryptocurrency exchange, is finally allowing users to withdraw funds after a five-month hiatus. The platform had been inactive since February 23, 2024, when its team was detained by the police in Jiangsu Province, China. While users can now access their funds, trading and deposit activities are still suspended. To withdraw funds, users must complete KYC procedures and verify their identities.
Changes on the Platform
BitForex has outlined the changes that users can expect on the platform:
– Withdrawals are now available, but trading operations remain on hold to prevent new transactions.
– The exchange has suspended new user registrations and deposit activities.
– All services and products offered by BitForex will be temporarily stopped for a comprehensive rectification process.
– Users can choose to withdraw funds to their personal or third-party wallets.
– Users with perpetual contracts must submit KYC documents, such as a passport and phone number, to finalize the withdrawal process.
Background and Ongoing Investigation
The investigation into BitForex began after the exchange experienced a significant outflow of $57 million on February 23, leading to intervention by authorities. During the shutdown period, many users were left in the dark with no updates from the platform. The Hong Kong Securities and Futures Commission (SFC) had previously raised concerns about BitForex operating without proper licensing. Before the team’s detention, BitForex’s CEO, Jason Luo, had stepped down, further adding to the uncertainty surrounding the exchange. Since its establishment in 2017, BitForex has accumulated over six million active users.
– After the recent tweet from BitForex, several scammer accounts on Twitter falsely claimed to represent the exchange.
– BitForex issued a warning to users to remain vigilant and only withdraw funds through the official website provided.
Hot Take: Stay Informed and Secure Your Funds
Ensure that you remain informed about the latest updates on BitForex and take necessary precautions to safeguard your funds. Stay alert for any fraudulent accounts falsely representing BitForex and only trust official communication channels for withdrawals.
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