BiteBTC Exchange Acquired by Seychelles Commercial Bank

BiteBTC exchange has been acquired by Seychelles Commercial Bank (SCB) and will be rebranded to Fedlio. BiteBTC’s current data including user databases, user wallets, orders and transactions history will be migrated to the new platform.

Fedlio is a registered new company but it will assumes all obligations to return the funds that were frozen at BiteBTC. As part of the updated KYC procedure, all blocked user accounts will be moved to the status of temporarily suspended. This group of users will have the opportunity to provide data to restore their accounts. The compliance team will be the responsibility of a team from the Seychelles Commercial bank department, which has the authority to restore and return the traders balances.

BiteBTC is an infamous cryptocurrency exchange that was owned and operated by two Singapore citizens Ng Chee Siang and Sim Zi Chao and was accused of faking trading volumes and scamming it’s uses.