BitForex, a cryptocurrency exchange, has reopened its platform for asset withdrawals after a tumultuous period. On Feb 23, 2024, the BitForex team was detained in Jiangsu Province, China, causing an unexpected halt in operations. Approximately $56.5 million was withdrawn from BitForex’s hot wallet that day, leading to the immediate suspension of withdrawal services.
The exchange announced the situation, expressing regret for the inconvenience and uncertainty faced by users. The unexpected detention prevented BitForex from issuing timely notifications, leaving many users uninformed about their assets’ status.
Efforts to resolve the situation have been ongoing, and BitForex has now received clearance to reopen specifically for withdrawals. The exchange will undergo significant operational changes during this period, suspending all trading functions and halting buy and sell activities.
New user registrations will be temporarily paused, and deposits into platform accounts will be unavailable. BitForex emphasized that this phase is crucial for comprehensive rectification, aiming to restore trust and security for its users.
BitForex KYC & Withdrawal Guide
Moreover, Users can withdraw assets to designated wallets. However, those with perpetual contract positions must complete KYC verification, which involves submitting identification documents like a passport and phone number to comply with regulations.
BitForex has recognized the distress caused by the incident and is focusing on safeguarding user assets. The customer service team is available for inquiries, encouraging users to reach out via the official email for assistance.
Reopening withdrawals is a crucial step toward stabilizing BitForex’s operations and regaining user trust. The exchange has apologized to its community and stressed a commitment to transparency and security.
This incident highlights the complexities and risks of the cryptocurrency industry, particularly in regions with strict regulations. BitForex aims to fully restore services while enhancing security features and communication clarity to maintain user trust.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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