A few days after obtaining regulatory approval to resume users’ withdrawal services, BitForex recently announced that its official website has gone live. The latest development comes after the Jiangsu Province Police shut down the platform and detained its team in China on February 23, 2024. Consequently, the trading platform was inactive for several months, eliciting fears among investors with substantial valuables on the exchange. In a tweet dated July 24, 2024, the BitForex team stated, “BitForex official website will be live and open for withdrawal applications starting at 24/07/2024 20:00 GMT+8.”
Dear BitForex Users,
— BitForex (@bitforexcom) July 24, 2024
Thank you for your patience and understanding. We are pleased to announce that the BitForex official website will be live and open for withdrawal applications starting at 24/07/2024 20:00 GMT+8.
For more details, please refer to our [official announcement]…
Users’ Withdrawals Modalities
While BitForex noted that it has resumed user withdrawals, a previous post highlighted some peculiar modalities to the exchange's return. According to the old tweet, trading functions, including buying and selling, remain prohibited. Additionally, the platform disclosed that users would cease to deposit assets into their platform accounts, and new users' registration would stop, including all services and products on the platform.
Users with perpetual contracts who want to withdraw their funds from the exchange must pass through KYC (Know Your Customer) procedures. Successfully scaling through the KYC requirements for users’ withdrawals involves providing a passport photograph, phone number, and other necessary information.
Going further, BitForex apologized for the inconvenience and distress users have experienced following its shutdown on February 23. It also assured users of the platform's commitment to ensuring their assets are safe and secure.
“We understand that this incident has caused significant inconvenience and distress to our users, and we sincerely apologize. We are making every effort to ensure the safety of user assets,” the BitForex team wrote on X. In addition, the exchange assured users’ of a swift customer care response, urging them to contact the support team via an official email address.
Dear Bitforex Users,
— BitForex (@bitforexcom) July 19, 2024
We sincerely apologize for the inconvenience and concerns you have experienced during this period. On February 23, 2024, the Bitforex team was detained and investigated by the Jiangsu Province police in China. This unexpected event caused the platform to…
Background Story
The Jiangsu Province Police investigation into BitForex began on February 23. It followed a massive outflow of funds valued at $57 million, which forced regulatory authorities to intervene. Aside from the token outflows, withdrawals stopped processing on the exchange, and the customer service team stopped responding to users' complaints.
Expectedly, the above happening culminated in speculations, suggesting investors might likely lose valuables. However, recent happenings are depicting otherwise. Hence, it will reignite optimism among market participants, especially those who must have lost hope.
