BTC-e Reincarnates with Problems
ExchangesBit News Today1 min read
On September 15, trading platform BTC-e announced its official rebranding as Wex on the new domain Wex.nz. The relaunch came after months of effort following the exchange's raid and fine by U.S. authorities in July.
In a Twitter announcement, the exchange revealed its return of services to customers alongside the introduction of new Wex tokens credited to existing BTC-e accounts.
Despite the new name and domain, the Wex site looks and operates nearly identically to the original BTC-e platform. For balance transfers, user accounts are credited with bonus crypto-tokens in a 61.79 to 38.21 percent ratio that can be traded and used through wex-code. The tokens are valued at 0.55 of their worth at the moment, as people are opting to exchange their tokens for 55% rather than wait for their full value.
The site also promises to adhere to Know Your Customer and Anti-Money Laundering regulations and touts the re-established service's full compliance with "world legislation."
Under Singapore law, the World Exchange Services payment service is classified as a stored value facility, and WEX must complete an audit before it can launch trading services.
Users are informed how to trade and withdraw their balances, although daily limits on withdrawals are still in place. The site adds that it signed a cooperation agreement with a network of verified exchange services to enable low-cost USD/EUR/RUR deposits and withdrawals.
Concerns had already mounted among users following the arrest in Greece of Alexander Vinnik, whom U.S. law enforcement described as the trading platform's administrator. Vinnik was charged with laundering $4 billion, with 95 percent of those funds cashed out at BTC-e.
