Cryptocurrency exchange AEX is working on a refund plan to reimburse customers. It will sell the box office rights to repay debts. As Kriptokoin.com, we have compiled the plans made by the stock market.
Cryptocurrency exchange working on repayment plan
Crypto exchange AEX is working on a cashback scheme to reimburse customers. This includes the sale of assets such as the box office revenue rights of television and film. According to an announcement published on January 8, crypto exchange AEX will sell its box office revenue rights to pay off its debts. The exchange announced that it has entrusted a third-party law firm and management firm to ‘transfer some of the project equity to the client at a lower discount in return, which is expected to be relatively predictable’.
The platform ran into regulatory issues last year and had to stop normal services as a result. It lost control over some of the platform’s assets, leading to customer payment issues. In his announcement, he explained that the action he took was the most appropriate action for the current environment.
In announcing assets, the exchange stated that ‘the right to return to the box office of film and television works, relatively predictable returns such as stocks and returns of companies to be listed’. He also said in a statement:
“One of the best solutions to protect the rights and interests of customers. On the one hand, it helps anyone convert unprotected virtual currency claims into legally protected formal contracts. On the other hand, it provides customers with a relatively predictable turnaround time to avoid long-term blind waiting.”
AEX was under investigation
The AEX exchange was forced to suspend withdrawals in July 2022 and was shut down by the police. The exchange stated that it will cease existing services as it is being investigated by law enforcement in China’s Guangxi province.
It is reported that the exchange has more than 1 million users. Also, following the investigation, it tried to treat refunding customers as effectively as possible, hence the latest announcement regarding refunds.
The police investigation was a serious blow to AEX because it originally planned to expand in Southeast Asia. In March, reports indicated that he wanted to establish a presence in Vietnam, with several initiatives lining up for it.
A sharp turnaround for AEX, which is looking to grow its business. It also joins a long list of crypto companies that have crashed since the explosion of TerraUSD last year.