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Bitcoin exchange Bitfloor begins refunding US dollars to users

Home Bitcoin exchange Bitfloor begins refunding US dollars to users
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Bitcoin exchange Bitfloor begins refunding US dollars to users

Jul 08, 2013

Bitfloor

, the bitcoin exchange which closed in April, has begun to enable customer withdrawals. It announced, via Twitter, that instructions had been posted to its website. As users log in, they will find instructions on recovering their funds on the withdraw page.

We reported on the closure in April, when it had come to light that Bitfloor's US bank account had been closed. Its bank issued a check for the balance of the account, which left the company with the task of setting up a new account and dealing with distributing the funds back to all of its users.

The front page of Bitfloor now reads:

2013.07.06

We are pleased to announce that we are ready to start returning USD funds. Please follow the instructions on the withdraw page.

If your account balance is over 3000 USD, you must first open an account with IAFCU and then provide your IAFCU account number.

The transaction fee for the Internet Credit Union (IAFCU) is $2.50, a small amount against $3,000 or more.

— bitfloor (@bitfloor) July 6, 2013

Reddit user Audenx, posted a detailed guide on how to set up an account with the IAFCU. Audenx has stated that he has received numerous bug reports from other users, but advises that users give Bitfloor "one more week":

I have been receiving numerous reports of bugs and account access issues from users who are trying to submit their withdrawal requests. I am keeping track of these comments, but because Bitfloor just announced the refund process yesterday, I am asking everyone to give Bitfloor one more week (until 7/12) to start working through their backlog of customer support emails. If by the end of next week there does not appear to be progress, I will create a "master list" of issues reported to me and will use the email update list to communicate progress on those issues.

If you are trying to recover funds from Bitfloor, please share your experiences with us in the comments.

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