HomeNEWSBKEX suspends withdrawal to aid money laundering investigation

BKEX suspends withdrawal to aid money laundering investigation


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British Virgin Islands-based crypto exchange, BKEX has suspended withdrawals on its platform to aid a Money Laundering investigation. According to a blog post released today, the cryptocurrency exchange revealed that some users were involved in Money Laundering. BKEX added that it is presently working with the police to aid the ongoing investigation. 

More so, in the announcement, the crypto exchange emphasized its commitment to corporate with the regulatory investigation. Further, BKEX added that the suspension of withdrawals on its platform will remain throughout the course of the investigation. The cryptocurrency exchange went on to add that it will provide full cooperation during the process. With that, the crypto exchange hopes to facilitate the swift restoration of trading activities on its platform.

However, while showing its willingness to support the ongoing investigation, BKEX emphasized that it will continue to prioritize the interest of its users. The cryptocurrency exchange disclosed that it’ll ensure that the rights of its users are protected to the “greatest extent possible.” Also, BKEX stated that it will maintain a transparent and timely communication during the process.

In the announcement, the exchange noted that users can always contact its customer service team if they encounter any problems during the period. BKEX added that it will be glad to provide users with useful support and assistance.

Since its establishment in 2018, the crypto exchange has focused on offering top crypto services to users. Presently, the platform offers 572 coins and 738 trading pairs. Coinmarketcap ranks BKEX as the 17th largest cryptocurrency exchange in terms of trading volume. 

Side note on BKEX

Meanwhile, the suspension of withdrawals on BKEX came shortly after the cryptocurrency exchange collaborated with ELYSIA. According to findings, ELYSIA is a protocol for tokenizing real-life assets. On April 23, 2023, reports about the collaboration surfaced stating that BKEX partnered with the protocol to launch the first RWA money pool on a centralized exchange. 

According to findings, the collaboration is aimed at aiding BKEX users to invest in the money pool and earn high dividends. More so, the announcement revealed the initiative offers legal protection for investors. This is due to the proper registration of ELYSIA’s the tokenization structure with regulators in the United States. 

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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