Since February, the exchange has been unavailable.
Withdrawals will be processed once BitForex is back online.
China's police detained and investigated the exchange team on February 23.
After the withdrawal, all services and operations will cease.
After a five-month outage caused by an investigation by the Jiangsu Province police in China, cryptocurrency exchange BitForex said it will open for withdrawals.
The exchange stated in an X post that trading and deposits would continue to be suspended, but that clients who complete know-your-customer (KYC) verification would be able to withdraw funds.
On February 23, BitForex shut down after losing $57 million. The site's access and withdrawals were blocked, prompting a warning from Hong Kong's securities and futures markets regulator (SFC).
"The Bitforex team was detained and investigated by the Jiangsu Province police in China on February 23, 2024," the post stated. Users were unable to withdraw assets on that day due to the platform's inaccessibility as a result of this unexpected event."
BitForex expressed that subsequent to returning resources for clients it will stop all tasks and go through a "extensive correction."
Withdrawals will be processed once BitForex is back online.
China's police detained and investigated the exchange team on February 23.
After the withdrawal, all services and operations will cease.
After a five-month outage caused by an investigation by the Jiangsu Province police in China, cryptocurrency exchange BitForex said it will open for withdrawals.
The exchange stated in an X post that trading and deposits would continue to be suspended, but that clients who complete know-your-customer (KYC) verification would be able to withdraw funds.
On February 23, BitForex shut down after losing $57 million. The site's access and withdrawals were blocked, prompting a warning from Hong Kong's securities and futures markets regulator (SFC).
"The Bitforex team was detained and investigated by the Jiangsu Province police in China on February 23, 2024," the post stated. Users were unable to withdraw assets on that day due to the platform's inaccessibility as a result of this unexpected event."
BitForex expressed that subsequent to returning resources for clients it will stop all tasks and go through a "extensive correction."