Cryptocurrency
Cryptocurrency Exchange Bitforex Resumes Withdrawals After Police Investigation
Saturday. July 20 at 4:30 AM
1 min. readBitforex, a cryptocurrency exchange, announced that users can now withdraw funds after a five-month hiatus due to a police investigation of its team members. The Jiangsu Province police in China detained and investigated the team on Feb. 23, rendering the platform inaccessible. Although details of any criminal probe were not disclosed, Bitforex stated that the issue was resolved through persistent efforts and communication. While users can soon withdraw their assets, trading activities remain suspended. The exchange faced scrutiny from Hong Kong regulators in March, with warnings of suspicious activities. Former CEO Jason Luo's resignation in January preceded the withdrawal freeze. The incident highlights the challenges faced by crypto platforms in maintaining user trust and regulatory compliance amidst increasing scrutiny and security threats in the industry.