BitForex, a cryptocurrency exchange, has stated that it will shortly resume allowing users to withdraw their holdings following a five-month ban prompted by a substantial investigation.
After the apprehension of the BitForex personnel by the authorities in Jiangsu Province, China, on February 23rd, there was a cessation of activities and apprehensions regarding the safety of user funds.
Trading and deposits will remain suspended, but users who have completed the requisite know-your-customer (KYC) protocols can start withdrawals. Withdrawals will be performed directly to users’ own or third-party wallets.
The BitForex situation unfolded on February 23rd when the local authorities apprehended its crew as part of an investigation into suspected cyber operations.
This shutdown followed a substantial financial disruption involving an outflow of $57 million, which drew notice from Hong Kong’s Securities and Futures Commission (SFC).
The crypto exchange has assured consumers that it has secured valuables during this uncertain moment and expressed regret for the inconvenience caused.
BitForex wants to wind down its operations and undergo a complete organizational redesign after user withdrawals are fully processed. This signals a big transformation for the platform as it attempts to tackle existing concerns and prepare for its next phase.
