Crypto Exchange Resurgence: What to Expect After a Long Silence

After five months of silence, the cryptocurrency platform BitForex has finally issued an official statement regarding its operations shutdown. The platform team has revealed details about their situation and outlined a path forward for users seeking to recover their assets.

###The Unexpected Shutdown Explained

The BitForex team has broken their silence with an official statement explaining that operations were terminated on February 23, 2024, due to an investigation by law enforcement authorities in China. According to the statement, team members were detained and investigated by the Jiangsu Province police, which led to the abrupt platform shutdown without prior notification.

During this period, users attempting to access their accounts were met with restriction messages, and the platform remained completely inaccessible. The team cited the "sensitive" nature of the situation as the reason for their inability to communicate timely with users about the developing situation.

###Limited Operations Resumption and Asset Withdrawal

By mid-July 2024, the BitForex team received permission from authorities to partially resume operations, but only in a withdrawal-only mode. According to the official statement, the platform will soon reopen specifically to allow existing users to withdraw their assets. However, several important limitations will apply.

The platform will not restore any trading operations or recover deposit functions. New registrations will continue to be halted, and users with perpetual contracts must complete KYC procedures again before accessing their funds. The exact timeline for the withdrawal campaign has not been announced yet, but the team has indicated it will begin "soon."

###Background on BitForex's Previous Status

Prior to the shutdown, BitForex had established itself as a significant player in the cryptocurrency exchange ecosystem. The platform had ranked among the top 30 cryptocurrency platforms by trading volume, with daily spot volume reaching $2 billion in early 2024. BitForex was also a major holder of Tellor (TRB) and OMI cryptocurrencies.

Notably, the TRB price quadrupled in just three weeks right before the BitForex shutdown, while OMI saw a 100% increase in January 2024. TRB and OMI Price Changes Before BitForex Shutdown Additionally, a significant $57 million transaction occurred around the same period.