Bkex, a crypto exchange based in the British Virgin Islands, has suspended withdrawals due to an allegation that a user’s “funds were involved in money laundering.” In order to assist law enforcement with their investigation and gather evidence, Bkex said it has decided to halt withdrawal activity for the time being.
British Virgin Islands-Based Digital Currency Platform Bkex Pauses Withdrawals
At 7:56 a.m. Eastern Time on March 29, the digital currency trading platform Bkex took to Twitter to share important news about the suspension of withdrawals. In an announcement on Monday, Bkex revealed that a user’s funds were linked to a money laundering incident. To facilitate the collection of evidence, the crypto exchange will temporarily halt all withdrawals and collaborate closely with the police.
“[The] Bkex team will fully cooperate with the regulatory investigation and do its best to restore the normal operation of the exchange,” the announcement details. “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.”
Established in 2018, Bkex claims to have a user base of more than eight million individuals across 100 countries. The trading platform has over a hundred crypto trading pairs, as well as its provision of crypto-centric derivative futures. According to archived data from coinmarketcap.com, Bkex has recorded a 24-hour global trade volume of approximately $447.58 million.
Notably, the BTC / USDT trading pair accounts for approximately 41.32% of the exchange’s crypto trade volume, while the ETH / USDT pair commands a significant 18.24% of the overall trading activity on the platform. Bkex said it promises to “maintain transparent and timely communication during this process.”

The trading platform also stated that users can seek further assistance from its customer service team “during the process.” The exchange’s message concludes with a firm pledge “to work hard to restore the normal operation of the exchange and always put the interests of our users first.” Additionally, discussions revolving around Bkex suspending withdrawals have been making the rounds on social media platforms like Twitter and Reddit.
What are your thoughts on Bkex’s withdrawal suspension in light of the money laundering allegations? Share your opinions and insights in the comments section below.