As said by CCN:
“Intrigue abounds around the allegedly Singapore-based WEX exchange, whose ownership and activities have both been called into question in recent months.”
One key thing to look at was the exchange listing a much higher market price for Bitcoin and strangely overcharging for USDT. Prior to this, an interesting report on the exchange written by Conor Maloney which partly explained:
“WEX is a rebranded version of the BTC-e exchange which was shut down in connection to a multi-billion dollar money laundering operation with a Russian national named Alexander Vinnik reportedly charged in connection with the criminal operation.
Singapore business records indicate that the exchange is officially owned by one Dmitry Vasiliev, but he recently claimed to have lost control of the exchange and was unable to clarify exactly who was in charge.”
According to recent reports in the crypto space and the CEO of Biance, Changpeng Zhao, WEX has been seen shifting millions of dollars worth in cryptos from its exchange through the biggest exchange by number and Binance has in turn frozen the accounts and requested the public to get in touch with the police.
As said by Zhao on his official Twitter.
the identified accounts are frozen, please report to law enforcement and have a case number. We will work with LE. This is part of centralization we hate too, dealing with other exchange’s mess (we don’t even know the details). But we will do what we can. https://t.co/tgyYI5ptqx
— CZ Binance (@cz_binance) October 30, 2018
Previously, WEX has frozen withdrawals and it seems likely that the problems on the exchange will go on. Prior to its negative coverage regarding the withdrawal problems and its strange prices, WEX was an unknown quantity. People keep on getting themselves into trouble whilst they are dealing with small exchanges, leading experts to advise that people stick with large-scale regulated known exchanges in all cases.
What are your thoughts? Let us know what your thoughts are down in the comments below!