BKEX freezes withdrawals amid money laundering probe

BKEX, a cryptocurrency exchange, has temporarily suspended withdrawals following the discovery that funds on its platform were involved in money laundering, as stated in a press release on May 29. The exchange acknowledged the situation and assured users that it is cooperating with law enforcement agencies to gather evidence. The suspension of withdrawals will remain in effect for an undisclosed duration. BKEX emphasized its commitment to assisting with regulatory investigations and restoring normal operations, prioritizing the protection of users' rights. Throughout the investigation, the exchange will maintain transparent and timely communication and encourages users to reach out to customer service for any additional concerns.

BKEX users ask questions

BKEX's decision to suspend withdrawals has sparked criticism from some users who question why all withdrawals were halted due to the actions of a few individuals. Concerns about the platform's financial stability have also arisen, considering the recent struggles faced by other centralized exchanges. However, a representative from BKEX reassured users that services would soon be restored and advised patience. At the time of writing, BKEX has not responded to WikiBIT's request for comment.

The collapse of FTX last year has heightened scrutiny on centralized exchanges. Another example is Hotbit, which recently ceased operations due to deteriorating operating conditions. Founded in 2018 and registered in the British Virgin Islands, BKEX has reported a trading volume of $434.15 million in the past 24 hours, according to data from CoinMarketCap.

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