Featured, International

Not Finding Common Language With Beneficiaries, WEX Announces To Shut Down

The World Exchange Services (WEX) recently announced on the BitcoinTalk forum that it has shut down. In the post, the exchange said that the situation is out of control and they can no longer remain tight-lipped about it and the exchange is closed. It further wrote that the exchange did not find a common language with the beneficiaries.

WEX added that it gave enough time to the beneficiaries to think things over. Since they refused to fund the exchange, it has taken this decision. The exchange sought forgiveness from its users in the post.

The post also stated that if Dmitry Vasiliev refuses to compensate the users of the exchange for their funds, WEX will be forced to publicly disclose specific names and surnames for interested individuals. Dimitry Vasilev is the founder of the exchange. Pavel Vrublevsky, CEO CronoPay, however, said that the exchange had a shot of survival if they managed to resolve the long-standing conflict between its owners and administrators. Presently, there is a conflict going on over the exchange’s funds being used to defend Alexander Vinnik.

According to reports, Vasiliev has been in touch with Vinnik’s defense lawyer, Timofey Musatov. Musatov is famous for his pro-Russian conservative opinions and is a business partner of Natalia Kaspersky. Vasiliev got in touch with this business circle to seek protection and support for his cryptocurrency business in Russia, as per the Crypto-News India report.

At the moment, Vinnick is wanted in Russia and the U.S. He was arrested in Greece on charges of money laundering worth $4 billion via crypto exchange BTC-e. Despite the news of shutdown, people are not upset about the developments taking place. In fact, one of the users on the forum even remarked predicting that the exchange will shut down within a week’s time. Another user responded to the comment saying if not within a week, the exchange is likely to shut down for sure.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

Leave a Comment

Your email address will not be published. Required fields are marked *