Cryptocurrency exchange BKEX said Monday that it will decide to suspend its withdrawal service to cooperate with a police investigation into some of its users suspected of money laundering.

In a statement on its blog, BKEX said: "The BKEX team will fully cooperate with the regulatory investigation and do its best to restore normal operations of the exchange." The team will actively cooperate with the relevant authorities to solve the current problems and ensure that the rights and interests of our users are protected to the greatest extent possible."

Founded in June 2018, BKEX has more than 8 million users from more than 100 countries in Asia, Europe, Latin America, etc.

Money laundering through cryptocurrency exchanges is one of the major issues that regulators in various countries have been focusing on.

In January, leading U.S. cryptocurrency exchange Coinbase was fined $50 million by the New York Department of Financial Services (NYDFS) for "material deficiencies" in its anti-money laundering management. In May of last year, the three co-founders of the BitMEX cryptocurrency derivatives trading platform were fined a total of $30 million by the Southern District Court of New York for illegally operating in the United States and having anti-money laundering management deficiencies.