The BTC-E exchange is going through a very rough patch right now. After the domain being seized and its operator arrested, things aren’t looking good. There is a lot of confusion regarding customers getting their funds back. This is especially troubling as the exchange seemingly only controls 55% of customer funds. Surprisingly enough, the website has come online again through a New Zealand domain. However, a lot of users experience login issues right now.

On the one hand, it’s good to see BTC-E back online. Their official domain is still seized by US authorities, though. However, the domain seems to work just fine. That is, for most users, as customers from the US and a few other countries can’t log in. Using a VPN will bypass this problem, although it should do only be done at your own risk. Given the US sanctions imposed on this company, US users may want to avoid using the domain right now. After all, it is safe to say this new domain is actively monitored by law enforcement officials.

Still no Withdrawals for BTC-E Users

There isn’t much functionality on the new platform either. Checking fund balances is one of the two possible features. The other comes in the form of spamming the BTC-E trollbox on the right-hand side of the platform. So far, it is evident a lot of customers are still concerned over their balances. Many people didn’t get the memo about the 45% balance haircut everyone is getting. This shows the company’s communication has been relatively poor since the domain seizure. Even though they communicate in Russia and through Bitcointalk, many people don’t speak that language.

The broader relaunch of BTC-E is scheduled to take place at an undetermined point in the future. It will also be under a new name from the look of things. So far, the plan is to become a regulated investment firm. This seemingly confirms the company will no longer exchange services in the future. Quite a problematic development, especially since they need to pay back 45% of all user funds. It is evident there is still a lot of confusion regarding this platform and what the future may hold.

Users are asked to reset their security settings altogether. Given the real risk of data being compromised, this is a logical step. It remains unclear if these settings will carry over to the new platform as well.With customers still not being able to withdraw balances, there’s still a long way to go for this company. They have a lot on their plate and regulators looking over their shoulders at all times. We can only hope this situation is clarified and resolved sooner rather than later.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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