After being offline for five months due to an investigation by the Jiangsu Province police in China, cryptocurrency exchange BitForex announced that it will resume withdrawals for its clients.
However, trading and deposits will still remain suspended until further notice. In order to withdraw, clients must complete the necessary know-your-customer (KYC) verification process.
The exchange went offline on February 23 after an outflow of $57 million. During this time, users were unable to withdraw funds or access the site, leading to a warning from Hong Kong’s securities and futures markets regulator (SFC).
According to a recent announcement, the BitForex team was detained and investigated by the Jiangsu Province police, causing the unexpected shutdown.
Once the assets are returned to users, the exchange plans to cease all operations and undergo a comprehensive rectification.
