Breaking: BitForex Receives Regulatory Approval To Resume User Withdrawals

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As a seasoned financial analyst with extensive experience in the cryptocurrency market, I have closely followed the developments at BitForex with great interest. Having witnessed numerous exchanges face regulatory challenges and investigations, I can empathize with the users who have been left in limbo since the sudden suspension of withdrawals on February 23rd.

As a cryptocurrency market analyst, I can share that following a five-month hiatus, BitForex, a prominent digital currency exchange, has announced the resumption of user withdrawal services. This decision comes in the wake of the Jiangsu Province law enforcement agency in China detaining the BitForex team on February 23rd for the purpose of an ongoing investigation.

BitForex Approval to Resume User Withdrawals

BitForex announced on their platform, X (formerly Twitter), that they will restart allowing users to withdraw their funds. However, trading and deposits remain suspended. In order to initiate a withdrawal, KYC (Know Your Customer) verification and identity confirmation are required from the users. The exchange had been inactive since February 23, following a significant loss of $57 million and a police investigation in Jiangsu Province, China.

According to the exchange’s statement, 

On February 23, 2024, the BitForex team encountered an unexpected interruption as they were taken into police custody by the authorities in Jiangsu Province, China. As a consequence, the platform was temporarily shut down, preventing users from withdrawing their assets on that day.

The announcement revealed that the platform will close down all activities and undergo a thorough correction following the return of user assets.

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2024-07-19 19:43