BitForex

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Bitforex
Bitforex-.jpg
Founded 2017
Headquarters Hong Kong
Key People Jason Luo, CEO; Garrett Jin, Co-Founder
Products Cryptocurrency exchange
Twitter @bitforexcom
LinkedIn Profile
Facebook Page
Website Bitforex Homepage

BitForex is a cryptocurrency-to-cryptocurrency exchange based in Hong Kong. It lists approximately 165 cryptocurrency pairs. In late March 2019 it was ranked fifth worldwide among cryptocurrency exchanges by the U.S. dollar value of its traded volume according to CoinMarketCap, an online industry statistics reporting service.[1]

BitForex provides tools including Spot Trading, Perpetual Futures, and Turbo Starter. As of January 2023, more than 300 projects were being offered at BitForex, and the company served over 6 million users in over 200 countries and regions.[2]

On February 23, 2024, BitForex abruptly shut down all operations, with no prior warning or explanation, after $57 million was reportedly withdrawn from the exchange's hot wallets.[3] The company also went silent on all official communication channels. Users reported being unable to access their accounts, with some claiming they had zeroed-out balances.[4]

Before it shut down, the daily trading volume on BitForex was approximately $1,355,432,020.[5]

Company Overview[edit]

BitForex obtained funding from crypto investors like Crypto Capital, QTUM, and TRON, raising $20 million. The company claims that its core employees include former employees of Merrill Lynch, World Bank, McKinsey, Microsoft, Tencent, and Lenovo. The company is headquartered in Hong Kong and has teams operating in Korea, Singapore, the Philippines, Malaysia, and Japan.[6][7]

Products and Services[edit]

BitForex operates an exchange that offers more than 300 trading pairs for digital assets. These include BTC/USDT, ETH/USDT, EOS/USDT, DOGE/USDT, and other pairs consisting of top-performing, as well as more obscure cryptocurrencies.[8]

BitForex Token is the native token of BitForex. Holders of the coin get a trading bonus and may participate in BitForex global conferences and KOL meetings, and may attend various events. BitForex token can also be used in BitForex Insight and entertainments.[9]

References[edit]

  1. About BitForex. Bitforex.
  2. BitForex. CoinMarketCap.
  3. BitForex Website Goes Dark Amid Reported $57M Outflow. CoinDesk.
  4. Hong Kong-based Crypto Exchange BitForex Disappears After $56.5M Withdrawal. CoinMarketCap via Yahoo Finance.
  5. BitForex. CERtified.
  6. BitForex. Bitforex.
  7. About BitForex. Bitforex.
  8. BitForex. Bitforex.
  9. BitForex. Coinranking.