WEX.nz

[taserz]

It's a good thing that BTC-e has come back strong with another brand name. I think that this is necessary to prevent unneeded speculation on whethr the exchange is going to get shut down again.

However still, i think that the confidence of users in BTC-e has definitely faltered. People realize now that with such an anonymous company you have to rely on the admin's word and even though they did reimburse everyone this time doesn't mean that they will next time.

But at least it won't be the US gov again, because they are not offering their products to them(smart move).

What an epic load of crap.
WEX is not an anonymous company, it's licensed in Singapore and the address and contact details are there for all to see.

Stop spreading your FUD.

if they are not anonymous, can you name the owners? do you see an "about us" somewhere that shows the "WEX team" and maybe gives us some faces to look at? maybe a linkedin profile or two? these things are easy to come by for other major exchanges.

look, i loved btc-e, but let's not act as if WEX appears 100% above board. shell companies are great, and the owners are just as anonymous as ever. the last business address i recall seeing from btc-e was in malaysia -- what does it matter now?

it's licensed in Singapore and the address and contact details are there for all to see.

Are you talking about this:  " 77 HIGH STREET #09-11 HIGH STREET PLAZA SINGAPORE (179433) "

it's just a virtual office. it's typical btc-e, hiding behind shell companies. see here: https://enstoncorp.com.sg/

I wonder how many shell corporations these guys have. I assume there has to be more than one for an exchange of the size they are  working with with all the different processors.

[chudu]

May I ask what is the difference between USD and USDET ?Is there any policy or restriction to Usdet ?

[erk]

I wonder how many shell corporations these guys have. I assume there has to be more than one for an exchange of the size they are  working with with all the different processors.

I would think way less shell corporations than what the Pentagon used in it's arms trade funding with ISIS in Syria recently.

[Kyraishi]

May I ask what is the difference between USD and USDET ?Is there any policy or restriction to Usdet ?

USDET is the IOU tokens that BTC-e has issued.

As per their official announcements, these tokens can be traded freely. You should have tokens in your account right now if you had any sort of balance at BTC-e and didn't cash out early and get the 55% in liquid cryptocurrencies. You can either wait for BTC-e to redeem these tokens eventually or trade them now.

Personally i'd lean towards the first option. BTC-e has proven that they are here to stay and 100% legit, because if they weren't then they wouldn't have done such extensive recovery to their business and even reimburse anything at all.

[hello_good_sir]

Nice of them to carry out what they've promised. Since they have been honorable and done all the right things a think that old customers are going to return and have full confidence in their site running smoothly in the future.

However does anyone know how the tokens will work?

I know that they are being traded openly, but will these tokens be paid off in a lump sum or gradually along the way? Is there like a deadline for full redemption of these tokens or no?

[xtraelv]

I suspect that the US will still come after WEX if Cryptsy bitcoins or bitcoins traded from other thefts or frauds that took place under us jurisdiction are traded there.

[1Referee]

I suspect that the US will still come after WEX if Cryptsy bitcoins or bitcoins traded from other thefts or frauds that took place under us jurisdiction are traded there.

I think there is an important difference between employees or the operator himself is using BTC-E as central point when it comes to stolen coins, and when a simple customer is using stolen coins to trade with. In the latter case it shouldn't affect BTC-E at all. If the allegations of BTC-E are legitimate, and that exchange has indeed been used to launder the coins coming from the MtGox theft, it's safe to say that all users having withdrawn coins in the last years, have had these dirty coins in their wallets. In that regard, the users themselves might end up having a problem too at some point. That's why I am glad that each time I send coins to my cold wallets, no matter the amount, I always run them through a mixer first.

[aqsz213]

I can not connect to my account, I made the white list of my IP today.

It says: login from this ip is banned by Wwhite list ..
I think my smartphone ip changed automatically,
I think because I was in mobile data, help me thank you my wex.nz account is: aqsz213
the media does not respond.

[figmentofmyass]

I can not connect to my account, I made the white list of my IP today.

It says: login from this ip is banned by Wwhite list ..
I think my smartphone ip changed automatically,
I think because I was in mobile data, help me thank you my wex.nz account is: aqsz213
the media does not respond.

i think you'll have to go through their ticket system. on wex.kayako.com, you can go to "start a conversation" and choose from the menu the most appropriate issue. i would go with "problem with login to account."

also, i would avoid using IP whitelisting, for the exact reason you mention. most people don't have static IP addresses, so i wish that exchanges wouldn't even offer this option. you are best off using a strong password combined with 2-factor authentication on your phone. once you can login to your account, you should definitely remove whitelisted IPs and stop using the option.

[illinest]

I suspect that the US will still come after WEX if Cryptsy bitcoins or bitcoins traded from other thefts or frauds that took place under us jurisdiction are traded there.

That's one interesting angle. Given that the case against Vinnik/BTC-e was largely based on blockchain taint analysis, and given the US government's use of civil asset forfeiture..... I wonder if they would argue that much of the coins under Wex's possession are BTC-e's and therefore "money laundering."

Still, it seems like they can't seize any coins from them. With encrypted databases, they can easily move coins before the authorities have a chance. But they might force them into a cat-and-mouse game of shutting down domains. And there is the issue of the fiat money again....

[xtraelv]

That's one interesting angle. Given that the case against Vinnik/BTC-e was largely based on blockchain taint analysis, and given the US government's use of civil asset forfeiture..... I wonder if they would argue that much of the coins under Wex's possession are BTC-e's and therefore "money laundering."

Still, it seems like they can't seize any coins from them. With encrypted databases, they can easily move coins before the authorities have a chance. But they might force them into a cat-and-mouse game of shutting down domains. And there is the issue of the fiat money again....

I suspect that the jurisdiction of the US with BTC-e is based on both customer usage requiring FIN(cen) (Financial Crimes Enforcement Network) registration but just as much it being proceeds of crime from the Cryptsy funds.

The US will try to have a long reach. Having a .nz domain name or NZ jurisdiction may not be the best move - just ask Kim Dotcom . They are trying to extradite him for DMCA violations https://www.theguardian.com/world/2017/feb/20/kim-dotcom-eligible-for-extradition-to-us-new-zealand-high-court-rules

I followed the case closely and the evidence they have against him is quite....eh.....creative. Being that he breached the DMCA rules because he didn't delete the copyright infringing data - despite the fact that deleting it would have been illegal.  A conviction will cause all sorts of problems for dropbox, google drive, Microsoft, Apple, Samsung and torrents.
Some of the other evidence that they have has been ruled "illegally obtained" by the courts. (Illegal for GCSB to spy on NZ residents & citizens). But they froze all his funds.

ICANZ is based in the USA and has a far reach over domain names.
WEX.nz uses Godaddy - which is USA based - as their security certificate provider. So they are dealing with a US company.

NZ also has interesting laws covering crypto-currency. Not many laws - but enough laws for it to be considered a digital asset.
I see a future of lawyers arguing for years while the crypto sits seized in a wallet.

BTC-e funds transferred to WEX could have interesting implications since - no good title can pass if you knew or ought to have known that the asset was stolen.... (s26 Sale of Goods Act)

Selling stolen goods is proceeds of crime and under NZ law they can seize assets and require you to prove that they have been legally obtained.

Dealing with WEX.nz - could - potentially get your coins seized.

New Zealand authorities won't do it by themselves - but just like with Kin Dotcom they will be happy to assist the US in doing it....

[romani245]

ICANZ is based in the USA and has a far reach over domain names.
WEX.nz uses Godaddy - which is USA based - as their security certificate provider. So they are dealing with a US company.

NZ also has interesting laws covering crypto-currency. Not many laws - but enough laws for it to be considered a digital asset.
I see a future of lawyers arguing for years while the crypto sits seized in a wallet.

BTC-e funds transferred to WEX could have interesting implications since - no good title can pass if you knew or ought to have known that the asset was stolen.... (s26 Sale of Goods Act)

Selling stolen goods is proceeds of crime and under NZ law they can seize assets and require you to prove that they have been legally obtained.

Dealing with WEX.nz - could - potentially get your coins seized.

New Zealand authorities won't do it by themselves - but just like with Kin Dotcom they will be happy to assist the US in doing it....

The .nz domain is just that -- a domain. The exchange isn't organized or registered in New Zealand (nor according to its laws). Indeed, the domain is likely easily seizable, but that's not exactly a big deal.

But you bring up an interesting point about WEX using US-based services like Godaddy and Cloudflare. Could this be construed as "doing business in" the USA? As far as "seized wallets" go, I imagine that's not a major issue. The reason WEX exists is because the US weren't able to seize cryptocurrency funds (even though they seized servers that contained them). Encryption is a beautiful thing.

[snowyNNN]

I got an email purporting to be from Wex.

It is a scam saying they will give 40% more bitcoin for every bitcoin sent. In actuality you will lose it all of course.

Be careful out here!

[xtraelv]

The .nz domain is just that -- a domain. The exchange isn't organized or registered in New Zealand (nor according to its laws). Indeed, the domain is likely easily seizable, but that's not exactly a big deal.

But you bring up an interesting point about WEX using US-based services like Godaddy and Cloudflare. Could this be construed as "doing business in" the USA? As far as "seized wallets" go, I imagine that's not a major issue. The reason WEX exists is because the US weren't able to seize cryptocurrency funds (even though they seized servers that contained them). Encryption is a beautiful thing.

https://nzrs.net.nz/ NZRS is the registry for .nz, which means that they keep the definitive register of .nz domain names. They also operate the DNS servers for .nz, without which these domain names would not work. Registrars sign a contract with both DNCL and nzrs. The agreement specifically stipulates that NZ laws apply https://docs.nzrs.net.nz/_downloads/Connection_Agreement.pdf

It is a bit like a post office box that redirects. The internet address is a NZ DNS. Which gives jurisdiction.

Here is Waihopai :-) Five eyes spy station FVEY as used on Kim DotCom

[aqsz213]

but shit! it is not possible to barely open the site to already problems, they can not leave them alone

[erk]

From the latest news, google transalted.

Tokens!

19.09.17 00:13 from admin
After launching wex.nz, we see it possible to talk a little more about the tokens of our site and close many questions with them related to our users.

The question that worries everyone is the tokens that users received. "What is it? With what do they eat? What is his future?! "

Answer:
WEX received the digital assets of BTC-E, but not the financial balances!
WEX did not buy or accept any financial obligations ex-BTC-E
WEX received a database of users.
We call tokens now bonus, legally it's called Option.
Our lawyers are working on the wording of what a token is in the correct form, so that no one has any complaints against us.
Token, was invented by us, with the understanding that YOU got the opportunity, in the future to get more.


Earlier it was reported that the conversion will occur in the ratio of 55% (balances) and 45% (tokens). At the launch date, the ratio of 61.79% (Fiat and crypts) and 38.21% (tokens) was possible.

Where did my tokens come from?
We received digital balances and user profiles in our management.

These tokens / options for future compensation of lost your financial balances. They are created from the calculation:
100% of the crypt in 61.79%
100% of Fiat (our company did not have and does not have access to it) in 38.21% of the tokens

Are tokens tantamount to cogs?
Token bitcoin is not bitcoin and does not have any of its qualities and properties. Tokens of other crypto-currencies also do not have the corresponding qualities and properties of the corresponding crypto-currencies.

Can I sell the tokens? Can I buy tokens?
Trades for tokens are open and available at https://wex.nz/tokens
There are no restrictions on trade in the tokens.

Why is the price of tokens lower than nominal?
This is due to the fact that some users want to sell their tokens on the market and go into the funds that can be used to withdraw or trade in other pairs, and the market, knowing that these tokens / options will eventually be redeemed in a 1: 1 ratio, offers a lower price.

Where are the tokens traded?
They are traded only on our site by the link - https://wex.nz/tokens

Can I transfer tokens to another platform user?
We plan to introduce wex-codes into tokens until 30.09.17.

At what price and how will the tokens be redeemed?
Tokens / Options will be redeemed in the following ways:
On the market with the income received from the commission site in the format (daily, weekly, monthly).
On the market from the funds attracted from investment funds and companies.
The final redemption (the date of redemption will be determined as the fulfillment of points 1 and 2) is the redemption of the tokens at the nominal value of the users remaining in the accounts.

When will all the tokens be paid off?
Planned time to buy 100% of tokens 1-2 years

Each user who owns tokens / options, after creating a legal support (verification) will receive a detailed description and payment scheme in the personal account.


Risks

We are obliged to inform you about them!

Of course there are risks to the project and there are not a few of them. From legal to operating rooms!
We created a financial company and work with different legal offices.
We also plan to insure your money on client accounts in banks and prevent the situation that happened with BTC-E.

I think 1-2years to redeem the tokens is way too long.

The tokens represented 38.21% of your holdings from BTC-e, if you sell out tokens at .55 you are getting (.55 * 38.21%) + 61.79% = 82.75% of what you held when BTC-e went down.  If you can't make back way over the 17.25% loss in less than 1-2 years, then why are you trading on a crypto exchange in the first place?

I see lots of token holders cashing out, taking the 17.25% loss and going somewhere else to make a profit.

 

[manchester93]

I think 1-2years to redeem the tokens is way too long.

The tokens represented 38.21% of your holdings from BTC-e, if you sell out tokens at .55 you are getting (.55 * 38.21%) + 61.79% = 82.75% of what you held when BTC-e went down.  If you can't make back way over the 17.25% loss in less than 1-2 years, then why are you trading on a crypto exchange in the first place?

I see lots of token holders cashing out, taking the 17.25% loss and going somewhere else to make a profit.

Of course 1-2 years is way too long. But it's the same timeline that admins provided weeks before WEX even launched, so I'm not surprised to see them reiterate it. I was taken aback to see that tokens were trading at 50% of their value. Who would make such an investment at that price? The crypto markets allow traders to 2x their money in one day (altcoins or BTC with leverage). Waiting around for two years to 2x your money with WEX -- who would do such a thing?

[erk]

Of course 1-2 years is way too long. But it's the same timeline that admins provided weeks before WEX even launched, so I'm not surprised to see them reiterate it. I was taken aback to see that tokens were trading at 50% of their value. Who would make such an investment at that price? The crypto markets allow traders to 2x their money in one day (altcoins or BTC with leverage). Waiting around for two years to 2x your money with WEX -- who would do such a thing?

Perhaps they are doing it so most people will get frustrated and cash out of tokens at a loss, thus getting the IOUs off the WEX books?

Problem with that strategy is they will loose many customers from anger.

I have sold all my tokens and cashed out of WEX except for the troll box minimum.
Not in the mood for waiting 1-2 years to get money from tokens back.

[Nicolas Tesla]

Hi, is anyone was able to withdraw ? I tried withdraw but I get this message "Denied for your account. Contact support."
I wrote support 4 days ago, then send a reminder today but no answer so far... What's happening ? Why I can't withdraw 

[erk]

I see token prices have fallen since yesterdays news.
I left $110 worth in LTCET and DASHET so I could still use the troll box. It's now down to $95, in less than 24hrs.
 I don't think I will top it back up.