Websea

Calvin, Websea’s chief executive, said in an interview with TechFlow that the platform started from zero on August 28, 2023. CoinMarketCapCoinMarketCapCoinMarketCap is a crypto asset price and market data website launched in 2013. It ranks crypto assets and exchanges by price, market capitalization and trading volume and offers products including an API, the on-chain data tool DexScan and the education platform CMC Academy, and its data is often cited by major media. It has been part of Binance since around April 2020, and David Salamon became chief executive officer in September 2026.Open the full entry’s exchange page states that the platform launched in August 2023; CoinGecko’s page lists 2023 as the year of establishment and the British Virgin Islands as the place of incorporation.⁠[1][2][3]

An article bylined IBT Desk in the Singapore edition of International Business Times on September 27, 2023 said that the trading platform WebSea had officially launched that week, positioned as a Web3.0 digital-asset ecosystem for young people worldwide, with WBS as its platform token and a hybrid wallet system in which a centralized wallet and a Web3.0 wallet run side by side and assets can be moved between the two.⁠[4]

The same article said that Herbert Sim had joined WebSea as chief operating officer (COO); it described him as a former global operations director at Huobi and a former chief marketing officer of the Russian exchange Cryptology, and as the founder of The Bitcoin Man, a venture capital fund and accelerator.⁠[4]

A press release issued by Websea through Chainwire said that the company held its Web3.0+2024 event in Singapore on March 7, 2024 under the theme “The Interwoven and Parallel of Crypto: A New Chapter in Web3.0,” with panels on GameFi and on the integration of Web3 and DePIN.⁠[5]

The speakers listed in the release were Herbert Sim of Websea, Aaron Ting, co-founder of ICP Hub Singapore, Aloysius Chan, chief executive of Ai Meta Club, and Mackenize Chang, investment manager at Aelf VC.⁠[5]

In the interview marking the second anniversary, Calvin said that Websea passed 1 million registered users on June 30, 2025, ahead of schedule; he said that over the two years average daily trading volume had passed US$4 billion and that more than 200,000 people in total had taken part in principal-protected copy trading, about one fifth of registered users.⁠[1]

He explained that in principal-protected copy trading the lead trader compensates the lost amount under set rules when a trade loses money, and that futures insurance pays out from an insurance pool managed by Websea: every 100 USDT of accumulated losses creates an insurance node, the node takes effect after 72 hours, and compensation is paid in 100 installments. He said that insurance nodes had triggered payouts more than 30,000 times in total, for about US$3 million.⁠[1]

He said that Websea was in talks with regulators in South Korea, Japan, Europe and elsewhere, and planned to go deeper into DeFi and PayFi and to add financial components such as funds, staking and wealth-management products step by step.⁠[1]

A news flash from COINOTAG on December 1, 2025 said that Websea had appointed Herbert R. Sim as chief marketing officer (CMO) in charge of global market and brand strategy; it described him as an executive who had helped launch Websea in its early stage and was now returning.⁠[6]

A WuBlockchain article of September 29, 2026 said that Websea limited withdrawals in April 2026 for reasons including an asset review and then restored them in stages. An article bylined Mona on ChainCatcher on August 28, 2026 said that in April the platform announced a phased adjustment of its withdrawal services and later said it would carry out asset verification and make follow-up recovery arrangements.⁠[7][8]

In a help-center announcement dated May 6, 2026, the Websea team said that discussions with strategic partners on asset conditions, business optimization, the recovery roadmap, protection of user assets and long-term sustainability were in advanced review, and that the next update was expected within seven days. The announcement called the restoration of withdrawals the top priority, said that the phased plan, limits and schedule would be published once final asset verification and strategic funding arrangements were confirmed, and asked users to rely on official Websea announcements.⁠[9]

A news flash from TechFlow on May 13, 2026 relayed an official announcement: the platform had reached a strategic investment intention with a Middle Eastern family fund, the investor was moving ahead with the injection of funds while legal review, signing of agreements and equity arrangements were being finalized, and withdrawals were to open at 16:00 (UTC+8) on May 18.⁠[10]

The flash quoted Herbert R. Sim, Websea’s chief marketing officer, as saying that the platform had been through an exceptionally difficult period and that, once the investor came in, it would publish proof of reserves and make regular disclosures.⁠[10]

A ChainCatcher article on May 18, 2026 said that Websea, as officially announced, opened withdrawals at 16:00 (UTC+8) that day and disclosed its reserve and hot-wallet addresses for users to check and monitor; the platform planned to advance proof of reserves through a combination of on-chain checks and third-party audits. Herbert R. Sim said in the article that withdrawals would be fully opened in line with the recovery of the business and market conditions.⁠[11]

The editorial note to an article published by WuBlockchain on July 6, 2026 said that in May 2026 WebSea announced it would resume withdrawals in batches based on a snapshot; an English version of the article followed on August 26, 2026.⁠[12][13]

A ChainCatcher article on June 30, 2026 said that Websea had undergone three rounds of penetration testing by CertiK covering smart-contract security, the stability of the system architecture, risk-control mechanisms and asset protection; it said that Websea’s score on CertiK Skynet was above 80, within the A-grade range.⁠[14]

The ChainCatcher article bylined Mona listed the changes of this period: on July 20 Websea directed the fees on futures-insurance orders into the insurance pool and adjusted the number of distribution rounds and VIP benefits; on August 11 it launched gold and silver CFD contracts, having already offered U.S.United StatesThe United States is a federal country in North America made up of 50 states, the District of Columbia as the seat of government, and territories such as Puerto Rico and Guam; its capital is Washington, D.C. The Continental Congress adopted the Declaration of Independence on July 4, 1776. The 2020 census (April 1, 2020) counted a resident population of 331,449,281, and the 435 seats of the House of Representatives are apportioned among the states on the basis of the census.Open the full entry stocks, global indices, ETFs, foreign exchange and commodities, all traded from USDT accounts; and on August 18 it raised the maximum for ordinary copy-trading subscriptions, set the subscription periods of some lead traders at 7, 14 and 21 days, and changed the fee from a fixed amount to a percentage of the copied amount.⁠[8]

On August 18, 2026 Websea announced the launch of its proof-of-reserves mechanism, which uses a Merkle tree to organize and prove user asset data; it published the Merkle root hash, a file of platform wallet addresses and verification materials, and released open-source verification tools so that users could check whether their balances were included. The core metric is the reserve ratio (on-chain assets divided by total user assets), and the mechanism does not cover off-balance-sheet items such as external borrowing or investments.⁠[15]

The ChainCatcher article of August 28, 2026 gave the reserve ratios at launch as 111% for USDT, 100% for BTCBitcoinBitcoin (common symbol BTC) is an open peer-to-peer electronic cash protocol, network, and native digital asset. Full nodes independently verify transactions and blocks according to the consensus rules; transactions are recorded as UTXOs, and blocks are organized into a public ledger through proof of work. Bitcoin is not issued or managed by any single institution, but using, holding in custody, and trading it still involve key, privacy, market, and legal risks.Open the full entry, 102% for ETHEthereumEthereum is an open, general-purpose smart contract blockchain that launched in 2015, and its native asset is ether (ETH). The project was proposed by Vitalik Buterin and advanced jointly by eight co-founders; the network now uses proof of stake and centers on the EVM, the account model, a rollup scaling roadmap, and the open EIP process.Open the full entry and 174% for WBS. Herbert R. Sim said the platform would publish reserve data and historical reports regularly.⁠[8][15]

On the same day Websea co-hosted in Almaty, Kazakhstan, a meeting whose Chinese name translates as the 2026 Global RWA Physical-Asset On-Chain and Enterprise Overseas-Expansion Resource-Matching Conference and China–Kazakhstan Industrial Investment-Attraction Conference, which focused on digitalization opportunities for physical industries such as mining, agriculture, real estate and green energy. The article in Websea’s column on ChainCatcher listed the chairman of the Kazakhstan Special Economic Zone Federation among those attending.⁠[16][17][8]

In its third-anniversary announcement on August 28, 2026, Websea launched a long-term user incentive program under which 15% of platform revenue goes into a user incentive pool each month, opened an anniversary points-redemption event, and said that withdrawal services resumed from August 28. WuBlockchain and TokenPost wrote that this announcement ended the earlier round-based limits and returned withdrawals to normal.⁠[18][7][19]

The article bylined Mona on ChainCatcher the same day said that Websea put its registered users worldwide at more than 1.5 million, and that its daily trading volume had recently reached US$5 billion on CoinMarketCap’s data.⁠[8]

A ChainCatcher news flash on September 9, 2026 said that Websea would appear as a gold sponsor at TOKEN2049TOKEN2049TOKEN2049 is a global series of cryptocurrency and Web3 industry conferences that originated in Hong Kong; as of October 2026 it centers on its Singapore and Dubai editions and has announced a New York edition to be added in June 2027. The Singapore edition is held at Marina Bay Sands, coinciding with the Formula 1 Singapore Grand Prix.Open the full entry Singapore 2026, to be held in October 2026 at Marina Bay Sands in Singapore, where it would present its work in digital-asset derivatives trading and financial products.⁠[20]

WuBlockchain and TokenPost wrote on September 29, 2026 that several users said withdrawals from Websea had again been suspended or had failed to arrive since September 25; a moderator in Websea’s official community replied to users that withdrawals were under “technical maintenance” and that an announcement would be made as soon as service was restored. WuBlockchain wrote that as of September 29 users were still saying they could not withdraw and that no formal public statement from Websea on the problem had been seen.⁠[7][19]

Both outlets wrote that Websea’s proof-of-reserves figures of September 15 showed reserve ratios of 117% for USDT, 105% for BTC and 118% for ETH. WuBlockchain wrote that the balances of some previously published wallet addresses had fallen noticeably from that snapshot, but that because the reserves involve many addresses, several blockchains and third-party custody, the platform’s overall reserve position could not be judged from this.⁠[7][19]

On November 12, 2026, WuBlockchain (at 00:34 Beijing time) and TokenPost (at 1:44 a.m. Eastern time, in an article bylined John Kim) published articles stating that Websea’s official X account, @webseaofficial, had posted a statement in Chinese and English that accused the company’s management of leaving employees’ wages and work reimbursements unpaid, said the company appeared to have stopped normal operations, and said no clear payment arrangement had been given. Both outlets wrote that the statement called on Websea’s owner and CEO to respond directly, publish a credible payment schedule and settle all outstanding amounts as soon as possible, and that it urged other affected employees to speak out and the Web3 industry to pay attention. Neither article carries a response to the statement from Websea’s owner, its CEO or the company.⁠[21][22]

The FAQ page of Websea’s help center describes the platform as a Web3.0 digital-asset trading platform for young people worldwide and lists features including a dual-account security system, intelligent copy trading, AI risk-management and trading systems, and gamified features such as “Boost to Bargain,” invitation rewards and lucky boxes; the platform token WBS has a total issuance of 300 million.⁠[23]

The same page explains that OTC trades are made between users through advertisements, that the platform only displays trade information while payment is completed between the parties off the platform, that a buyer or seller who cancels three or more orders in one day is barred from buying or listing for the rest of that day, and that the platform generally does not offer recovery of crypto assets.⁠[23]

Websea’s release of March 2024 said that 60% of WBS was allocated to community incentives.⁠[5]

As of November 2026, the home page of Websea’s website is headed “The Next-Generation Worry-Free Derivatives Exchange” and says it provides round-the-clock customer support across more than 60 countries and regions; its description on CoinMarketCap lists products including Futures Insurance and Capital Protection Copy Trading and says its ecosystem covers crypto assets, stocks, gold and foreign exchange.⁠[24][2]

As of November 2026, Websea’s website states under the heading “Secure and Compliant” that it has licensed operations in the United States, Canada and Australia.⁠[24]

Websea’s description on CoinMarketCap says the platform holds MSB licences from FinCEN in the United States and FINTRAC in Canada, and a licence from ASIC in Australia. Calvin said in the 2025 interview that the platform had obtained compliance qualifications in the United States, Canada, Australia and other places.⁠[2][1]

On November 13, 2026, CoinMarketCap’s Websea page showed a 24-hour spot trading volume of about US$767 million and total assets of about US$1.58 million in its reserves section; that section notes that only wallets with balances above US$500,000 are shown, that balances may be delayed, and that CoinMarketCap does not verify the third-party wallet information.⁠[2]

On the same day, CoinGecko’s Websea page showed a Trust Score of 7/10 with liquidity rated low, a 24-hour trading volume of about US$494 million, 29 coins and 29 trading pairs, and the entry “No incidents recorded” in its incidents field.⁠[3]

Websea: Official website: https://www.websea.com/ (opens in a new window).⁠[24]

X: Public account: https://x.com/webseaofficial (opens in a new window).⁠[2][21]