By
Mayowa Adebajo
May 25th, 2023
In its latest update troubled Russian-based Bitcoin exchange BTC-e outlines three-stage process for its relaunch, pledging new information.
Update on August 31, 2017 at 14:01 UTC: The website of the Bitcoin exchange BTC-e (btc-e.nz) has just become online. You can read more about it here.
To recap, the BTC-e exchange’s website, that had been previously displaying a breakdown for maintenance message, was seized by US criminal authorities a month ago.
This must have been totally horrible news for its users, who had lost access to their funds, especially given the arrest of Alexander Vinnik, charged with laundering of $4 billion, 95 per cent of which were cashed out at the BTC-e, later turned up to be never headed by him.
Earlier this month BTC-e unveiled its scheme of refunding all the money to its users . Now, following its plan to publish additional updates about the recovery process, cryptocurrency exchange BTC-e offers new details on how it intends to revive the services weeks after it was taken offline.
According to the latest update, the launch of the service will be performed in 3 stages.
At the first stage, the company, with which an offer contract has been previously signed, will prepare and transfer digital users’ data to the new company, in full compliance with the European directives on personal data and in compliance with European legislation in this field. The transfer is to be fully accomplished on September 15.
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.
At the third stage, the licensed financial investment company audits and registers personal data in accordance with AML laws and KYC identification procedures.
In the future, this financial company will operate both digital and monetary data in accordance with its financial license.
In parallel with the legal-related issues of restructuring, users will be given the opportunity to check the integrity of the digital balance in their accounts and change security settings. Chat will be available for communication and support.
The service is to be launched on the old domain (btc-e.nz), and will be available for entering and checking of the balances before recounting is performed. The deadline is September 2, 2017.
The exchange highly recommends to update the security and identification settings to protect users’ digital balances, since there is a risk of third-party gaining access to accounts. Instructions for these actions will be published in a separate message.
The licensed financial company will operate the ticket system (helpdesk) as soon as the digital data transfer starts. In case one has difficulties with entering the account or there are inaccuracies in the balance after the financial company launches the service, it’s possible to get support and answers via the ticket system.
The next info update is to be released on September 1.
The information about the mechanism for balances’ recalculation, as well as info about new service’s domain and financial company will be published in the next updates, according to the team behind BTC-e.
