...
I have long been suspicious of btce and yet, in my experience, they have always acted in a trustworthy manner.
I like the fact that every time I log in, I get a confirmation email, so that IF I were ever to get an email when I didn't log in it would signal me that my account is no longer secure. Also, all withdrawals from my account also require email confirmation...
TL;DR: You don't know who runs the exchange you use, where it is located, where it is registered, or whether it is registered at all.
But you get a good feel from them, because you get emails.
That's certainly going to end well.
Very transparency. Much protocol. Wow.