BitForex Reopening: Withdrawals Resume, KYC Required

• BitForex went offline due to police detention, causing a $57 million outflow and restricting user access and withdrawals.
• BitForex will suspend trading and halt new registrations during a comprehensive rectification to enhance platform security.
• BitForex warns users against scammers and ensures official withdrawals will be allowed with KYC documentation upon reopening.

BitForex is set to reopen for customer withdrawals following a shutdown triggered by an investigation by Chinese authorities earlier this year.

The platform’s unexpected closure in February prompted a warning from Hong Kong’s Securities and Futures Commission and sparked concerns among users about the safety of their assets.

This incident, which made the platform inaccessible following a $57 million outflow , forced the platform offline. Consequently, user withdrawals and access to the site were restricted, prompting a warning from the Securities and Futures Commission (SFC) of Hong Kong.

BitForex outlined several measures to address the situation and ensure a smooth reopening process. They noted that all trading functions will be suspended, and users will not be able to execute any buy or sell actions. Additionally, new user registrations will be halted during this period.

The platform will undergo a comprehensive overhaul, suspending all types of services and products. This step will be part of BitForex’s effort to address the issues that arose from the incident and ensure the platform’s security and reliability moving forward.

Additionally, after persistent efforts and communication, BitForex announced that their platform will reopen soon, allowing users to withdraw their assets to designated personal or external third-party wallets.

However, Know Your Customer (KYC) documentation will be required for people with permanent contract roles, including a passport, phone number, and other necessary identification information to complete the withdrawal process.

BitForex also addressed the issue of increased scammers claiming they can help users withdraw their assets from the platform. They cautioned users not to believe these scammers and emphasized that the only way to withdraw assets is through the official BitForex website once it reopens.

BitForex offered their sincere apologies acknowledging the inconvenience and distress caused to its users. They conveyed that they are making every effort to ensure the safety of user assets.