BKEX Global, a crypto change integrated within the British Virgin Islands, suspended withdrawals on Monday to cooperate with the police.

In an announcement on its web website online, BKEX disclosed that some of its users’ funds had been linked to a money laundering incident. The crypto change said it will most likely perhaps actively work with the relevant authorities to earn to the backside of the points and restore regular operations.

Primarily primarily based on info from CoinMarketCap, BKEX is the 16th biggest crypto change by shopping and selling volume, with over 8 million users in 100 worldwide locations. The change supports over 1000 crypto shopping and selling pairs and more than 100 crypto derivative futures.

The resolution to droop withdrawals fully to support authorities with a money laundering investigation that likely issues a small subset of the platform’s users is odd for a crypto change running on a world scale. Loads of aggrieved users took to Twitter to fragment their frustration.

“First time I inquire an change that stops all withdrawals for a couple of which would possibly perchance well perhaps be doing wash change [sic]. this is unacceptable as a service,” said one user.

Chainalysis estimates that illicit addresses laundered $23.8 billion rate of crypto in 2022, with centralized crypto exchanges being basically the most attention-grabbing recipient of these funds.

“That’s distinguished no longer factual due to this of these crypto exchanges in general be pleased compliance measures in situation to chronicle this suspicious exercise and rob movement against the users in quiz of, but additionally due to this of these exchanges are fiat off-ramps, where the illicit cryptocurrency would possibly perchance well simply moreover be converted into cash,” said Chainalysis.