Post
Topic
Board Exchanges
Re: Anyone back on WEX?
by
squatter
on 11/10/2017, 08:38:42 UTC

They haven't got their Verification provider sorted out yet, they are not using the same provider as BTC-e did.


Verification is supposedly up, but screws all U.S. account holders, as they will not verify U.S. accounts.
Do you blame them? WEX saw what happened to BTC-e servers with FBI raid, they don't want to give the FBI an excuse to do the same thing to the WEX servers, so the easiest way to do that is ban US users. Sounds perfectly logical to me.

Any losses that US users incurred as a result of the FBI shutting down BTC-e are not a legal concern of WEX, that's the whole point of limited liability companies, they are separate legal entities. Just because WEX took over some assets of BTC-e doesn't mean they need to take any of the liabilities. BTC-e didn't do a runner, they were shutdown by hostile actions from the US and UK. People conveniently seem to forget that.

"Limited liability" just limits personal liability for company debts, as in bankruptcy proceedings. It doesn't give LLCs free license to steal customer money, or absolve them of criminal wrongdoing, or remove affiliation to connected entities (through ownership, debt, etc) in the eyes of the law.

I'm not surprised, though. They gave US customers an opportunity to cut and run before the launch of WEX last month. The 55% refund felt to me like a signal to people incapable of verifying: get out now.