Bitzlato, a cryptocurrency exchange linked to Russia, has announced that it has partially restored access to user funds, despite being seized by European authorities.
The firm has enabled users to withdraw up to 50% of their assets, which had been stuck on the platform due to enforcement from the United States and Europol.
The withdrawals are processed in Bitcoin as the platform had converted all altcoin holdings to Bitcoin when the service was halted on January 18.
Bitzlato’s previously announced roadmap on restoring users’ access to the platform and resuming operations aims to provide a service for peer-to-peer (P2P) cryptocurrency trading by early April 2023.
Some users have opted not to withdraw their assets, instead choosing to wait for the exchange to restore P2P trading. Once the P2P platform is restored, users will be able to access all previously available functions.
However, Bitzlato users should not expect to recover the remaining 50% of their assets once the P2P exchange is launched, according to a Bitzlato spokesperson.