BitForex
BitForex is a Hong Kong-based cryptocurrency exchange founded in 2017 that historically served retail crypto traders and investors. Since February 2024, following the detention of team members by Chinese authorities, it has operated solely as a KYC-gated asset withdrawal system with all trading, deposits, and new registrations suspended.
- Company typePrivate
- Founded2017
- HeadquartersHong Kong, Hong Kong SAR China
- Headcount51–100
- GTM typeB2C
- OfferingDigital Commerce or Content
What BitForex does
BitForex is a Hong Kong-domiciled, private cryptocurrency exchange founded in 2017 that historically offered digital-asset trading, custody, and wallet services to retail crypto traders and investors globally. Its core technology is a web-based trading and wallet platform accessed via bitforex.com (PC only, mobile/app unavailable), supporting spot trading and on-chain asset custody across multiple blockchains.
Since February 27, 2024, BitForex has been in operational wind-down following the detention of several team members by Chinese authorities. All trading functions, deposits, and new user registrations are suspended; the platform now operates exclusively as a KYC-gated asset withdrawal system, returning balances to verified personal or third-party wallets. The only active monetization lever is a 5% monthly management fee (minimum USD 10) on dormant balances that remain after a December 25, 2025 withdrawal deadline, after which monthly snapshots and deductions occur on the 25th of each month. A February 2026 server migration briefly interrupted login and withdrawals before services resumed on February 26, 2026.
BitForex has issued formal regulatory warnings or licensing deficiencies in Hong Kong, Japan, Malaysia, and the UK, and denies fraud or "exit scam" allegations, attributing the disruption to the 2024 Chinese authority action. An onchain investigation has linked former CEO Garrett Jin to a Hyperliquid whale wallet controlling over 100,000 BTC. Withdrawals processed over August–October 2025 totaled roughly $8.93M for ~1,975 users, but trailing three-month throughput through April 2026 had fallen to $116,636 across 177 users — signaling the residual user base is largely dormant. Headcount is reported at 51–100, concentrated on servicing the wind-down rather than operating a live exchange.
BitForex firmographics
Firmographics- Name
- BitForex
- Website
- https://bitforex.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- BitForex is a Hong Kong-based cryptocurrency exchange founded in 2017 that historically served retail crypto traders and investors. Since February 2024, following the detention of team members by Chinese authorities, it has operated solely as a KYC-gated asset withdrawal system with all trading, deposits, and new registrations suspended.
- Ownership category
- akta.pro rank
BitForex industry classification
Industry- Product category
- Cryptocurrency Exchange
- NAICS
- Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG)
- akta.pro secondary industries
- Digital Asset Custody & Tokenization Servicing (FSAAAOAO), Crypto Payments & Digital Asset Settlement for Gaming (MPAEALAL)
Keywords
Where BitForex is headquartered
LocationHeadquarters
- HQ city
- Hong Kong
- HQ country
- Hong Kong SAR China
- HQ region
- Asia
Markets served
BitForex business model
Business model- GTM type
- B2C
- Offering type
- Digital Commerce or Content
- Cost components
- Technology or R&D, Infrastructure, Personnel, Operations, Others
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Management fee for dormant accounts after KYC deadline |
Distribution channels1 record
Marketing channels2 records
BitForex product offering
Product offeringCore offering
BitForex operated a cryptocurrency exchange platform enabling users to trade digital assets including Bitcoin and Ethereum. Following the February 2024 detention of team members by Chinese authorities, all trading functions were suspended and the platform now operates solely as an asset withdrawal system, requiring KYC verification and processing withdrawals to verified personal or third-party wallets.
Product overview
BitForex operated as a cryptocurrency exchange platform offering digital asset trading services. Following a service interruption in February 2024 when Chinese authorities detained several team members, the platform has suspended all trading operations and now functions solely as an asset withdrawal system. Users must complete KYC verification and withdraw assets before the December 25, 2025 deadline to avoid monthly management fees.
Differentiator
Problem solved
Functional benefit
Products and services
- BitForex Cryptocurrency Exchange Platform
Companies that use BitForex
Customer profileSegments1 record
Ideal customer profiles1 record
BitForex technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
BitForex partnerships and signals
Strategic signalScale indicators6 records
Recent moves5 records
Expansion highlights2 records
BitForex competitors and assessment
Company assessmentDirect peers
- KuCoin: Global centralized crypto exchange with strong Asian user base, integrated wallet and custody features, and similar altcoin-heavy listing strategy — closely matching BitForex's positioning.
- Bybit: Major centralized crypto exchange founded in Asia, offering spot, derivatives, and integrated wallet services directly overlapping BitForex's historical business.
- Gate.io: Long-running centralized crypto exchange with broad altcoin listings and integrated custody — directly comparable to BitForex's product suite.
- MEXC: Asia-focused centralized crypto exchange emphasizing altcoins and integrated wallet services; directly comparable in customer profile and product offering to BitForex.
- OKX: Major global centralized crypto exchange headquartered in Asia (originally China-rooted) offering spot, derivatives, and integrated wallet services — directly comparable to BitForex's historical product mix and Asia-centric customer base.
- HTX (Huobi): Asia-headquartered centralized crypto exchange offering trading and integrated wallet services. Closely comparable to BitForex in target market (Chinese/Asian retail traders) and product scope.
- Bitfinex: Long-standing centralized crypto exchange offering spot trading, derivatives, and integrated custody; comparable product offering and similarly Hong Kong-rooted origins make it a natural peer for BitForex.
- ZB.com: Asia-based centralized crypto exchange offering spot trading and wallet services to retail users — a close historical comparable to BitForex in target market and product scope.
Broad incumbents
- Coinbase: Largest US-regulated centralized crypto exchange with integrated custody and wallet services. Comparable in product but operates under a fully regulated, transparent corporate structure — a stark contrast to BitForex's regulatory standing.
- Binance: The world's largest centralized cryptocurrency exchange, offering spot trading, derivatives, custody, and wallet services directly overlapping with BitForex's historical offering, but at vastly greater global scale and regulatory engagement.
Market position
Strengths2 records
Weaknesses4 records
Competitive moat3 records
Key risks6 records
Key highlights3 records
Customer concentration
BitForex social profiles
Digital presenceBitForex financial estimates
Financial estimateRevenue estimate
Valuation estimate
BitForex leadership team
Management profileNumber of profiles
Profiles1 record
BitForex funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BitForex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BitForex
What does BitForex do?
BitForex operated a cryptocurrency exchange platform enabling users to trade digital assets including Bitcoin and Ethereum. Following the February 2024 detention of team members by Chinese authorities, all trading functions were suspended and the platform now operates solely as an asset withdrawal system, requiring KYC verification and processing withdrawals to verified personal or third-party wallets.
Is BitForex a public or private company?
BitForex is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was BitForex founded?
BitForex was founded in 2017. It employs 51 to 100 people.
Where is BitForex based?
BitForex is headquartered in Hong Kong, Hong Kong SAR China, in the Asia region.
Who are BitForex's main competitors?
Direct peers on record are KuCoin, Bybit, Gate.io, MEXC, OKX, HTX (Huobi), Bitfinex and ZB.com. Broad incumbents are Coinbase and Binance.
Does BitForex have an API?
No public API is recorded for BitForex.
What industry is BitForex in?
BitForex's product category is Cryptocurrency Exchange. Its primary akta.pro industry code is FSADAAAG, Crypto Custody & Exchange Wallet Services (Integrated), with a secondary code of FSAAAOAO, Digital Asset Custody & Tokenization Servicing. Its NAICS code is 5232 and its SIC code is 6200.