BKEX is a cryptocurrency exchange that was founded in 2018. The exchange is headquartered in the British Virgin Islands and is registered with the Financial Services Commission of the British Virgin Islands.

The exchange has a user base of over 1 million users and offers a variety of cryptocurrencies for trading. BKEX also offers a variety of other services, such as margin trading, staking, and lending.

The suspension of withdrawals has raised concerns among users about the safety of their funds. BKEX has announced that the suspension was due to the allegations that funds were involved in ‘money laundering’. The exchange has also not said when withdrawals will resume.

BKEX made this announcement on 29 May 2023 on their website

Recently, the platform users’ funds were involved in ‘money laundering’ and BKEX is currently cooperating with the police to collect evidence, for which we will suspend withdrawals to cooperate with the work.

BKEX team will fully cooperate with the regulatory investigation and do its best to restore the normal operation of the exchange.

The team will actively work with the relevant authorities to resolve the current issues faced to ensure that the rights of our users are protected to the greatest extent possible.

The suspension of withdrawals is a major setback for BKEX. The exchange is already facing scrutiny from regulators in the United States and China. The suspension of withdrawals could further damage the exchange’s reputation and could lead to a loss of users.

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It is important to note that BKEX is not the only cryptocurrency exchange that has suspended withdrawals. In recent months, a number of other exchanges have also suspended withdrawals, citing a variety of reasons.

The suspension of withdrawals by cryptocurrency exchanges is a sign of the growing risks in the cryptocurrency industry. Investors should be aware of these risks and should carefully consider their investment decisions.

Image Source: Bitcoin.com

Disclaimer: Information on Bitcoinfad is for general knowledge only. Cryptocurrency investment involve risks. Seek professional advice before making financial decisions. Bitcoinfad will not be liable for any losses.

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