Hong Kong-Based Crypto Exchange Bitcoke Suspends Withdrawals Due to Investigation of Financial Officer

BitCoke, a Hong Kong-based crypto exchange, suspended withdrawals from 13:00 on November 13 local time due to a police investigation into its financial officer. The employee, who is currently cooperating with officials under restricted conditions, is unable to provide private key authorization for the exchange to continue certain operations.

BitCoke added that product updates will continue, and that customer service staff will provide technical support and guidance at all times. The exchange emphasized that the suspension of withdrawals was unavoidable and caused by accidental factors, not by FTX’s recent fall. It said it will resume withdrawals as soon as authorization is completed.

BitCoke is an encrypted derivatives exchange for professional traders and institutions, with various performance characteristics such as no downtime, high-speed matching, and low transaction costs. As one of its biggest highlights, BitCoke is the first cryptocurrency Dex to offer Quanto swaps. Users can choose any one of BTC/ETH/USDT as the margin or settlement currency to trade and settle all contracts with leverage on the platform.

The founding team consists of famed professionals in the finance and blockchain venture capital fields. Its CEO served as the director of proprietary trading in a renowned investment bank and possessed extensive operation and management experience in the financial sector. Its CTO and IT team members are former staff of Google, Credit Suisse, Merrill Lynch, Morgan Stanley, and other tech companies.

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At the beginning of 2022, BitCoke issued its own platform coin and received $20 million in investment from more than 10 capital institutions, including Huobi and LD Capital. On June 9, it announced the launch of BitCoke Ventures, its affiliated investment arm, and a $300 million investment fund to foster exchange outreach.