BitForex to Open for Withdrawals Following Chinese Police Investigation
Summary
Cryptocurrency exchange BitForex is set to open for withdrawals after a five-month outage caused by an investigation by the Jiangsu Province police in China. The exchange experienced a $57 million outflow and went offline on February 23, blocking user withdrawals and access to the site. This led to a warning from Hong Kong's regulator for securities and futures markets. BitForex announced that trading and deposits will remain suspended, but withdrawals will be allowed for clients who complete know-your-customer verification. After returning assets to users, BitForex plans to cease all operations and undergo comprehensive rectification.
