• BitForex reassured users it will continue to process withdrawals.

  • The defunct exchange blamed the delays on workload and the need for verification.

  • BitForex shutdown following police investigation in China.

BitForex, the now-defunct cryptocurrency exchange, issued a reassuring update early Saturday, promising to continue processing withdrawals for users who still have assets on the platform. In a recent X post, the BitForex team explained they’re handling withdrawals in batches and urged those still waiting to be patient.

Dear BitForex Users,We appreciate your understanding and patience during this period. We have successfully processed withdrawal requests for some users, who have already received their assets. Due to the substantial workload and the need for thorough verification of account…

— BitForex (@bitforexcom) August 10, 2024

According to BitForex, the withdrawal delays are due to a significant workload and the need for thorough verification of account information and assets. The exchange also mentioned it’s actively working with other platforms, including OKX and Binance, to address asset freezes that might be affecting some users’ withdrawals.

BitForex resurfaced in July after a surprising five-month hiatus. Upon its return, the exchange revealed that its team members had been detained and investigated by Chinese authorities in Jiangsu Province. The exchange blamed these actions for its disappearance and apologized for the lack of prior communication.

Meanwhile, the now-defunct crypto exchange notified customers that its return was to finalize operations and enable the withdrawal of assets from the platform. However, the exchange informed users of plans to adopt strict verification processes before affecting asset withdrawals. Verification became necessary following a scam alert when the exchange discovered an influx of scammers claiming to help users withdraw their assets from the BitForex platform.

BitForex’s latest appeal comes three weeks after it initiated the withdrawal exercise but did not stop unsatisfied customers from registering their concerns. One of the respondents lamented his inability to swap his assets on the platform, considering they are incompatible with his external wallets and must be swapped before withdrawal.

The post BitForex’s Slow Exit: Withdrawal Delays Frustrate Users appeared first on Coin Edition.