BitForex Cryptocurrency Exchange Freezes Withdrawals, Doesn't Answer Users

Cointelegraph reported that BitForex has unexpectedly suspended withdrawals for a minimum of three days, leaving users in the dark about the cause. Prior to the suspension, approximately $56 million in cryptocurrencies had been withdrawn from BitForex wallets, as reported by on-chain investigator ZachXBT.

Users are encountering various issues, including account access problems and dashboards not displaying assets. The exchange's official Telegram channel is flooded with such complaints, with some users sharing pop-up screens indicating a block from accessing the company's website.

Despite attempts to access the BitForex website, there is a widespread issue preventing access. However, specific pages, such as a January 31 announcement about CEO Jason Luo leaving the company, are still accessible. The exchange's X account has not been updated since May 2023, raising concerns about its operational status.

BitForex, once a leading global crypto exchange with a daily trading volume of around $2.6 billion in crypto, faced accusations from Japan's Financial Services Agency (FSA) in April 2023 for violating fund settlement laws. The FSA claimed BitForex operated in Japan without proper registration. Since then, the exchange had not attracted significant regulatory or media attention until its recent withdrawal suspension.

Resources:

Cointelegraph