Former CEO of WEX crypto exchange that is now defunct, was successfully arrested in Italy after he reopened the BTC-e exchange in 2017 as we reported in the altcoin news previously.
Dmitry Vasilyev, who reopened the BTC-exchange and changed the name to WEX.nz in September 2017, was arrested and detained by Italian prosecutors. There was no official statement provided to date but BBC Russia reported on the arrest on July 19. According to the report, the publication cited a friend of Vasilev but also two other anonymous WEX investors. The reason for the detention is still unclear.
Back in April 2019, Vasilyev became the prime suspect of a criminal investigation by the police department in Kazakh City Almaty as he was charged with defrauding a local investor in the amount of $20,000 through his WEX exchange as the reports from the crypto media outlet Forklog reported. According to the report, the 32-year-old suspect was announced wanted under an international arrest warrant in the territory of the Commonwealth of the Independent States. The now-defunct WEX exchange still remains a subject to a $4 billion fraud investigation which is led by Greece and the United States. The Greek police previously stated that they had detained the alleged founder of the exchange Alexander Vinnik.
The Former CEO of WEX crypto exchange comes after the Vinnik’s arrest in 2017 when Vailyev relaunched the exchange under the WEX name that was soon reported as having suspicious tendencies including overpricing Bitcoin compared to the general norms. WEX halted all withdrawals in July 2018 which led to the claims from users that the platform was a scam. WEX’s fellow exchange and one of the largest crypto exchange out there-Binance froze funds that were sent from wallets associated with WEX users after the suspicions about the exchange being involved in money laundering emerged.
As noted in the latest cryptocurrency news, the Russian authorities still fight to get Vinnik home and even the Russian Commissioner for Human Rights asked the United Nations High Commissioner for Human Rights to help get the exchange founder home. There is still no update on this news and there is almost no information available about Vinniks health and mental condition.
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“…We tried to increase the volume but can’t do it through the dashboard and were told we needed to email compliance.’’The debacle brought BitPay under fire due to the massive criticism which frequently engulfs the exchange. The prolonged bureaucracy compounded by another scandal including transaction fees which have led to frequent calls for business to open the source alternative payment processor and the logic as explained on Twitter pointed out in the comments on Amazon Watch’s difficulties is because Bitcoin is a free and open payment system and there are third parties that verify the transactions arbitrarily in order for the cryptocurrency to serve its purpose:
“…You don’t need (BitPay) to reject your transactions when you can verify them yourselves for free.’’As noted in the latest cryptocurrency news, BitPay’s difficulties have had a long history since 2017 even when the executives opted to support the controversial SeGwit2x bitcoins scaling proposal which eventually led for the crypto wallet Trezor to ditch the company. Amazon watch even stated that it would look into using BTCPay an alternative open-source option which could copy that similar one of the travel agent CheapAir from 2018. The backlash over the previous actions of the exchange led to many customers closing their accounts and invoices.
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"Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate, I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading...It feels very much like that, there's a lot of energy and enthusiasm about this progress and where it's going."Another example is the Morgan Stanley alum Marcus Swanepoel who told the Financial Times:
"Over the past two years we have seen evidence building that bitcoin is an uncorrelated asset class so it makes sense to add it to portfolios."The trend is growing towards more portfolio managers coming in including what Minier says is mavericks and savvy hedge funds entering the crypto space. The digital currency investment company Greyscale investments also saw its assets under management balloon to $2.5 billion and most of which originated from big investors including hotshot hedge funds. The Kraken Pro trader stated:
"I think it's going to be one of those things in a blink that everybody is going to start chasing it.’’With the upcoming launch of the Bakkt bitcoin futures exchange, more traders could begin to feel the way that Minier does and Kraken has been experiencing an uptick with the institutional demand for crypto but he admitted it was too slow. In the meantime, the rival crypto exchange Coinbase based in San Francisco revealed that hundreds of millions of dollars in institutional capital is coming straight off the sidelines into cryptocurrencies a week as we noted previously in the latest cryptocurrency news. They sure can’t find these types of returns in any other asset class with rock-bottom interest rates and the equities mimicking bond yields. Bitcoin in the meantime has generated high returns of more than 150 percent year to date.
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