BitForex Finally Reopens Withdrawals—But There's a Catch

After months of radio silence, BitForex is letting users pull their money out. The exchange went dark in February when Chinese police detained the team, triggering a $57 million exodus and sparking panic across the platform. Now they’re back, but with strings attached.

What’s Actually Happening

BitForex is reopening withdrawal-only mode. That means:

• ❌ No trading, no buying/selling
• ❌ New signups are locked
• ❌ Everything else is frozen while they “upgrade security”

But here’s the real kicker: You’ll need KYC to withdraw. Full documentation (passport, phone number, the whole nine yards) for anyone trying to cash out.

The Scammer Problem

BitForex is also warning users about an uptick in fake recovery services promising to help unlock your funds. Spoiler alert: they’re all bullshit. The only legit way to withdraw is through the official site once it goes live.

What This Tells Us

The exchange is clearly trying to regain trust while conducting a security overhaul—standard playbook after a regulatory hit. Whether users actually stick around after this nightmare is another story. Hong Kong’s Securities and Futures Commission already flagged them earlier this year, so they’ve got credibility work to do.

Bottom line: Your coins might be safe, but BitForex’s reputation just took a serious hit.