They have most of their coins. It's the 45% (or whatever percentage they still have after giving coin holders 55% of their coins) of coins (which calculating to 55% fiat) btce initially wanted to distribute to fiat holders in different coins, thus they are hopefully going to create fiat buy orders with their remaining coins for market prices and we in fiat can then buy them.
This still doesn't reconcile with what they have been saying. They have said several times that fiat funds are being
converted to cryptocurrencies. There's no possible way they can process fiat (at least in this time frame of 2 weeks). "Fiat money" then would be no different than BTE tokens.
Ostensibly, they are relaunching as an altcoin exchange. No fiat money, at least in the mid term.
Yes, they changed everything with the last update. The idea of giving fiat holders a basket of coins is overruled by last update. Indeed, fiat funds are virtually created however they are backed (very vaguely) by the coins btce still hold after they gave 55% coins back.
First I thought there is a difference between btce tokens and fiat, e.g. that they selling the remaining coins (btc, ltc, eth, nmc, nvc, ppc) at the new exchange's launch at market prices. Thus, you could buy these coins at market price with your fiat. But, as 1 btce token will be 1 USD, probably everybody can buy the remaining coins with their btce tokens. Maybe they allow btce tokens only be traded to fiat?
For now, the refund of fiat holders is more looking like a scam. I hope they will fix it so fiat holders will ge indeed the 55%. Next week they will publish a FAQ containing most asked questions.
About fiat withdrawal: There are many different possibilities, they even could send out gold by courier. I remember also that they offered "cash by cab" (or something like that) in Moscow.