U.S. Pressures BTC-e Exchange as They Plan to Distribute Funds Next Month

Last week the Russian bitcoin exchange, BTC-e, told the public about the trading platform’s plan to repay customers. Now the exchange is back and says there will be a full update come August 30 and the organization will follow with daily announcements. Further, BTC-e answered multiple questions from customers who want access to their funds.

Also Read: BTC-e Operator Indicted and Connected With Missing Mt Gox Funds

Releasing 55% of Funds & Pressure from the U.S.

Earlier this summer news.Bitcoin.com reported on the cryptocurrency exchange BTC-e being taken down by U.S. law enforcement for connections to bitcoin laundering and illegal money transmissions. Following the FBI arresting alleged employees and seizing funds, the exchange announced on August 3 it had control over its servers and “some of its bitcoin purses.” The trading platform has released a few messages through Twitter and the forum Bitcointalk.org over the course of the past two weeks.

In those messages the exchange spoke of rebranding, working with other partners, and utilizing a unique in-house token to pay customers back similarly to how Bitfinex handled their hack. Now the exchange says come August 30th the organization will update customers every day.

“To date, there is a process of transferring digital resources to an investment company,” explains BTC-e’s latest announcement. “The company is preparing the resource for our launch. As it was announced earlier, at startup users will be able to withdraw 55% of the funds.”

We want to notify all users that there is a political background in closing our service and pressure from the U.S.

BTC-e Claims Fully Functional Exchange is Coming and Bitcoin Cash Refunds

The exchange also fielded questions from forum visitors who said they lost a lot of money due to the trading platform “going under.” Many of the traders were not happy with waiting and called BTC-e’s situation a “circus.” “There was a problem, and we will try to solve it in the shortest possible time,” the exchange says to upset clients. Another person stated that he needed his money now and called the exchange “evil.” BTC-e responds by saying that if it were possible funds would have been given out earlier and the real ‘evil’ resided with a “flag with a bunch of stars.”

The organization says they are hoping to open this September and will publish a “FAQ” in the near future. The FAQ was delayed due to an agreement with lawyers, BTC-e explains, and they can’t release it until the investigation completes. The exchange also answers a trader who asks if the exchange will have only “minimal functionality” and the company seems to think trading will be fully operational. Moreover, the exchange also detailed when they disperse customer holdings next month, Bitcoin Cash (BCH) will also be given to customers at a 1:1 rate.

What do you think about BTC-e’s recent announcement? Let us know in the comments below.

Images via Shutterstock, BTC-e, and Pixabay.

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