AEX Crypto Exchange Gets Creative With Reimbursing Clients

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Crypto Exchange AEX is working on a refund plan to refund customers. This includes the sale of assets such as television and film box office revenue rights.

Crypto exchange AEX will sell box office revenue rights to pay off its debts, according to an announcement posted on Jan. 8. The exchange announced that it had entrusted a third-party law firm and management company with the transfer of a portion of the capital of the project which should be relatively predictable in return for the client with a lower discount.

The platform ran into regulatory issues last year and had to halt normal services as a result. He lost control of some platform assets, leading to customer payment issues.

In his announcement, he explained that the action he took was the most appropriate given the current environment. It said,

One of the best solutions to protect the rights and interests of customers. On the one hand, it helps everyone convert virtual currency claims that lack legal protection into formal contracts with legal protection. On the other hand, it gives customers a relatively predictable return period to avoid blind long-term waiting.

In explaining the assets, the exchange said they are relatively predictable returns such as the right to return to the box office of film and television works, company stocks to be listed, and yields.

AEX was under investigation

The AEX exchange had to suspend withdrawals and suffer a police shutdown in July 2022. The exchange said it would discontinue existing services as it was under investigation by law enforcement in Guangxi province in China.

The exchange reportedly had over a million users. Additionally, as a result of the investigation, it has attempted to manage customer refunds in the most efficient manner possible, hence the latest announcement on refunds.

Previous expansion plans

The police investigation was a blow to AEX as it was actually planning to expand into Southeast Asia. In March, reports indicated that he wanted to establish a presence in Vietnam and had planned several initiatives to that effect.

It’s a sharp turn for AEX, which aimed to grow its business. Moreover, it now joins a long list of crypto companies that have fallen since the implosion of TerraUSD last year.

Disclaimer

BeInCrypto has reached out to a company or individual involved in the story for an official statement on recent developments, but has yet to receive a response.

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