BitForex exchange is back after 5 months: not what you think!
The post BitForex exchange is back after 5 months: not what you think! It first appeared on Coinpedia Fintech News
After a mysterious five-month shutdown, BitForex, the popular cryptocurrency exchange, has finally resumed user terminations. The platform has been active since February 23, 2024, when police in China's Jiangsu province arrested the group in a major investigation. Although transactions and deposits have been blocked, users can now access their funds again. To withdraw funds, users must complete KYC procedures and verify their identity.
What is changing on the platform?
BitForex has outlined the changes that users should expect. Withdrawals are restored, but trading activities are closed to prevent new transactions. The exchange detailed what happened and what's to come on their Twitter page.
You have blocked new user registration and deposit activities. The services and products offered by BitForex are subject to a general revision process. Withdrawals are directed to private or third-party wallets selected by users. To complete the process, those with permanent contracts must submit KYC documents including passport and phone number.
Background and ongoing investigation
The investigation began with BitForex in 2015. That's after it experienced a $57 million inflow on February 23. This led to the intervention of the authorities. During the shutdown, many users were frustrated and frustrated with no updates from the platform. The Hong Kong Securities and Futures Commission (SFC) previously warned about BitForex not having the right license. BitForex CEO Jason Luo resigned before his arrest, further widening concerns. Since its launch in 2017, Bitforex has served more than six million active users. In a lengthy tweet from their official handle, they gave all the information for what's to come next.
After this tweet was published, many fraudulent Twitter accounts started posting themselves as representatives of BitForex. The official account warned users to stay alert and beware of such messages. The users can withdraw their money only by using the official website.
