Binance Freezes Funds Linked to Russian Exchange WEX

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Total News – Atlanta, GA 11/01/2018. CEO of Binance Changpeng Zhao confirmed on twitter that they have frozen funds linked to Russian Exchange WEX after users claimed WEX was involved in money laundering.

Zhao wrote:

"The identified accounts are frozen, please report to law enforcement and have a case number. We will work with LE (Law Enforcement). 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." 

A user stated on the same tweet that WEX cold wallets are moving funds through Binance which could potentially help launder money.

Users of WEX were unable to withdraw fiat or cryptocurrencies from the exchange for about 3 months. According to CryptoGlobe, there have been at least 35 police reports filed against WEX because of this.

Cointelegraph reported that WEX began exhibiting suspicious traits once it began operating where Bitcoin prices are significantly higher than the global norms.

WEX was launched in an apparent effort to revive BTC-e. It was rebranded after the alleged operator Alexander Vinnik was arrested back in July while vacationing in Greece. He was wanted for money laundering by both France and Russia. WEX claimed that it's unrelated to BTC-e. It's also not clear who is in charge of WEX at the moment.

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