BitForex to Open for Withdrawals Following Chinese Police Investigation

Cryptocurrency exchange BitForex said it will open for withdrawals following a five-month outage spurred by an investigation by the Jiangsu Province police in China. The exchange said in an X post that trading and deposits will remain suspended, but that withdrawals will be open for clients that complete know-your-customer (KYC) verification. BitForex went offline on Feb. 23 after experiencing a $57 million outflow. "On February 23, 2024, the Bitforex team was detained and investigated by the Jiangsu Province police in China." BitForex said that after returning assets to users it will cease all operations and undergo a "comprehensive rectification."

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