📅 Update on BTC-e - Re-Opening Announced (plus FAQ)

Date and Details on the Planned Re-Opening of BTC-e

It looks like they are actually going through with it!

A while back, when news broke about the reason for BTC-e shutting down, I was almost certain all my funds there were gone. Another busted or failed exchange in the crypto-wild-west.

But, I even said it back then:

BTC-e is the oldest, and has probably been the most reliable, "anonymous" exchange site out there.

And as the story developed, my hopes for a good ending were growing. Soon after, BTC-e confirmed they would be willing and able to return 55% of funds to their users.

Yesterday they have finally announced their planned date for re-opening via bitcointalk followed by a decent FAQ.

As usual, everything is in Russian, so let's google-translate that:

Update7! 08/25/2012

The next update is August 30, and from August 31 updates will be posted daily.

To date, there is a process of transferring digital resources to an investment company.
The company is preparing the resource for launch.
As it was announced earlier, at startup users will be able to withdraw 55% of the funds.

We want to notify all users that there is a political background in closing our service and pressure from the US.

Sincerely, BTC-e team

FAQ from Btc-e #1

How much is available for withdrawal?
As stated earlier, 55% of funds are currently available.

When will the payments start?
End of August, a more precise timeframe will be known on August 30, we do our best to shorten the deadlines.

What will happen to the fiat in the users' accounts?
The team of lawyers works on fiat, which decide how to return access to it. At the moment, you will be able to deduce 55% in koin.

Will there be a new marketplace and when will it work?
Yes, it will. We plan to launch on September 1st. Now legal issues are being resolved.

What will happen to the rest 45% of the funds in my account?
They will be converted to tokens. Tokens you can sell on the market or wait until we buy them from you at face value. Free tokens will be opened.

What will be the verification. Will everyone need to pass verification to withdraw funds?
Verification will consist of 2 levels. Level 1 will be without verification, but with a limit and restriction on some payment systems. Level 2 is with access to all payment systems and with an increased limit.

Will there be access to trade without verification?
Yes, it will.

How fast will verification take place?
Now the investment company is training employees. It is planned that the verification will take place within 24 hours, if there is not an abnormally large influx of volunteers. The possibility of express verification is available.

Will it be possible to verify several accounts that were on the exchange at a time?
Yes, you can.

What happened to the client funds in MT4?
Funds from MT4 are credited to users' accounts, the closing date of positions on July 25, 2017

Has all the information been preserved until the fall of the exchange?
Yes, we have all the necessary information.

Will there be tokens for each coin?
It will be so.

Why does not the amount of payments to users change with the growth rate?
The conversion date has not yet been determined, so everything will depend on the course.

What are the news on the search for an investment company that will help restore the work of the exchange?
The investor is found, the process of information transfer is in progress.

Will the coins that were sent after July 25, 2017 be credited?
All coins that were received before August 1, 2017 will be credited to the account.

What data did the FBI get from the connection with the withdrawal of servers?
All servers were deleted, but they were encrypted.

Login, password, 2fa - will remain the same?
These data will remain the same.

What is the situation for Bitcoin cash?
Bitcoin cash will be credited to all holders of bitcoin 1: 1

In which koins will my balance be converted to fiat?
BTC, ETH, LTC as a percentage.

How will it be converted into tokens for koin and fiat holders?
With a balance of 1 BTC, after conversion you will receive 0.55 BTC and 0.45 BTCET
With a balance of 1000 USD, after conversion you will receive 55% in BTC, LTC, ETH (at exchange rate on the day of conversion) and 450 USDET. By this principle all koins and fiates will be converted.

I made an application for withdrawal, but did not receive the funds, what about them?
These funds were credited back to the account.

Will there be trade in MT4 and PAMM?
No, but there are plans for the investment company to implement margin trading in the web-interface.

Will there be a new btc-e code on the new service?
The codes will remain or will be modified into a more modern payment instrument.

Date of conversion? What exchange rate will the conversion be?
Date - the opening of the service. The rate will be calculated based on the average price of the top-level fi xed exchanges.

Are the old deposit addresses relevant to the Koins?
These addresses are no longer relevant and coins sent to these addresses will not be credited. All new addresses will be generated on the new service.

Will the new service provide services to US residents?
No!

Will the new service be Bitcoin Betting?
No.

The FAQ will be replenished as the questions are received.

In my book, this almost sounds too good to be true, and I do expect some bumps along the road, but so far they have lived up to their reputation I'd say!

I am sure many US residents will be worried about the latter statement, but seeing they will again grant access to the trading engine "without verification" and their subtle remarks on "political reasons for the shut-down" does make me believe they might leave some loopholes there... after all, this is still the wild-west of the 21st century!

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fingers crossed 🤞

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_{steem-on and prosper}

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_{^{image sources: btc-e logo; post-it}}

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