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Meet WEX: Bitcoin Exchange Launches for BTC-e Users with BTC-e Design
A new exchange is courting users of the now-defunct BTC-e exchange, but it bears a striking resemblance to its illicit predecessor.
By Nikhilesh De
Updated Sep 13, 2021, 6:56 a.m. Published Sep 15, 2017, 10:05 p.m.
BTC-e appears to have successfully launched a new bitcoin exchange platform.
Announced today via Twitter, WEX is allegedly the result of a months-long effort by the bitcoin exchange to return service to customers after it was raided and fined by US authorities in July. But despite its new URL, the WEX website notably mirrors the old BTC-e website in design, functionality and trading pair options.
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Further, in a welcome message on its new website, WEX sought to differentiate itself from the BTC-e website, claiming that it is unrelated to that company. Despite having migrated over all the exchange's former users, the platform claims the technical teams behind the exchanges are different.
Adding to the claims is that the new website stated that it did not receive any funds from BTC-e, while at the same time alleging that it would abide by anti-money laundering and know-your-customer laws.
In the welcome message:
"We thank all ex-users of BTC-E for their patience at such a difficult moment for all of you guys. We on our part have spent a lot of efforts and energy to create a new platform for trade in the shortest time limits."
For the next three to seven business days, WEX will operate in a test-mode. Users will receive bonus crypto-tokens for transferring balances.
Still, the result is a follow-through on previous claims by BTC-e. The original website announced on Thursday that the "address of the new platform [would] be announced in btc-e twitter [sic].") Further, BTC-e said in August that it would relaunch on September 15.
Upcoming steps in its relaunch process include restructuring its assets and undergoing an audit to confirm the new exchange is in compliance with laws and regulations for money exchanges.
Image via Shutterstock.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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