Breaking: BitForex Receives Regulatory Approval To Resume User Withdrawals

BitForex, a cryptocurrency exchange, will resume user withdrawal services after being shut down for five months. This action comes after the Jiangsu Province police in China have detained the BitForex team on February 23rd due to an investigation.

BitForex Approval to Resume User Withdrawals

In a post on X (previously Twitter), BitForex stated that it will resume withdrawals while trading and deposits will still be prohibited. To withdraw the funds, users have to go through the KYC procedures and identify themselves. The exchange had shut operations since February 23, after a $57 million exodus and a police raid in Jiangsu Province, China.

According to the exchange’s statement, 

“On February 23, 2024, the BitForex team was detained and investigated by the Jiangsu Province police in China. This event led to the suspension of the platform and the inability of users to withdraw their assets on that day.” 

The exchange also announced that it will shut down all its operations and go through comprehensive rectification process after returning the assets to the users.

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