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News

Hong Kong Exchange BitForex Still Not Allowing Users to Withdraw Funds Due to Time Limit

July 26, 2024 - Around 2 mins mins to read

Key Points:

  • After a months-long disappearance, Hong Kong exchange BitForex reactivated its social media and announced the resumption of withdrawal services on July 24.
  • Despite the reopening announcement, users face ongoing difficulties with withdrawals, with no successful transactions reported and only limited progress shown.
According to DL News, Hong Kong exchange BitForex, which went unavailable in February with about $57 million in user funds, reactivated its social media accounts and declared that it would resume its withdrawal services on July 24. The announcement provided relief to users, but problems persist.
Hong Kong Exchange BitForex Still Not Allowing Users to Withdraw Funds Due to Time Limit

Read more: BitForex Reviews: Leading Crypto Exchanges In The World

Hong Kong Exchange BitForex Resumes Operations After Months of Silence

The exchange, which went dark in February, had previously cited an investigation by the Chinese police in Jiangsu Province for allegedly detaining some of its staff. BitForex’s online platforms came back online 19 July and the company has promised to reopen withdrawals later in the day. In fact, this return to service has been riddled with complications.

Initial promise has given way to reports of continued struggle in making withdrawals. At best, in a Telegram group with over 900 members, no successful transactions have been confirmed. Reports from those trying to withdraw funds describe seeing a tracking screen with minimal progress, where completion of withdrawal reportedly doesn’t go beyond 25%.

Exchange Cites Police Investigation for Previous Disappearance

To this, Hong Kong exchange BitForex has informed its users, “We are currently processing a high volume of withdrawal requests and need additional time to verify account details and other necessary verification. We kindly ask for your patience during this period.”

No reasons around these delays were specified by the exchange, nor was it specified who the detained staff members were or what their position was in Jiangsu.

Against the backdrop of this new accusation of a police investigation, the explanation that BitForex put forth earlier for their disappearance, in which they claimed “unscheduled maintenance,” looks quite awkward. This sets up a strongly brewing speculation and concern among affected users in the face of ongoing issues and lack of clearly understandable communication.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.