Bitcoin Exchange BTC-e Is Back Online, Withdrawals Remain Impossible | Coinspeaker

Bitcoin Exchange BTC-e Is Back Online, Withdrawals Remain Impossible

| Updated
by Maria Konash · 3 min read
Bitcoin Exchange BTC-e Is Back Online, Withdrawals Remain Impossible
Photo: Coinspeaker

Previously indicted Russian-based cryptocurrency exchange BTC-e is back online keeping its promise to relaunch the web-site before September 2, 2017.

The old domain is active now, though not accessible to notably US-users due to regulations. Users from some other parts of the world may also have difficulties with accessing the exchange.

The relaunch of the site comes with very limited functionality. Users are only able to check their account balances and check or send messages. However, there is nothing surprising as, according to the uptade at, the site didn’t have to perform any other functions at this stage of its reboot.

Features and services should gradually come back online, following the three-stage plan to launch the new service.

The first stage, lasting until September 15, would see the transfer of personal data of users to the new a yet-unnamed business entity in full compliance with the European directives on personal data and in compliance with European legislation in this field.

During the second stage, the licensed financial investment company, assumes the responsibility of restructuring the digital assets of the new company and registering of users’ digital data.

And, finally, the final stage would see the audit and registration of personal data in accordance with AML/KYC laws.

To recap, the BTC-e exchange’s website, was seized by US criminal authorities approximately a month ago, previously displaying a breakdown for maintenance message.

This fact must have been totally horrible news for its users, who had lost access to their funds since then. The seizure followed the arrest of exchange’s operator Alexander Vinnik. He was detained by Greek police at the request of the US authorities which accused him of money laundering and illegal money transactions.

Besides, a group of bitcoin security specialists, known as WizSec, alleged that Vinnik has been involved in the hacks of Mt.Gox and Bitcoinica.  All in all Mr. Vinnik was charged with laundering of $4 billion, 95 per cent of which were cashed out at the BTC-e. Later BTC-e officially declared that Alexander was never the head or employee of the exchange’s service.

Earlier this month BTC-e promised to reimburse clients via tradable tokens (BTCT) for any losses they had incurred due to the seizure of the domain by the FBI.

Then a week ago the exchange announced that it was preparing to publish additional updates about the recovery process, after being closed by US authorities. Indeed,  offering new details on how it intends to revive the services weeks after it was taken offline a few days later.

Now, when BTC-e is back online, everything looks quite optimistic, despite it remains to be seen whether the relaunch continues and users have additional access to funds. The exchange’s representatives assure clients that the site will eventually be functional and that losses will be refunded.

Bitcoin News, Cryptocurrency News, News
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