iFinex opposes court order under Bitfinex-Tether case

Posted 06 May, 2019

The operator of Bitfinex exchange and parent company of Tether Limited – iFinex Inc – stated that the court order based on the petition filed by the NY Prosecutor Office contained incomplete and wrong data as well as an improper legal standard.

The company spokesperson reportedly said that there was no fraud citing no victims that might require such order for protection. iFinex released the appeal in which it pointed out that the Prosecutor Office failed to provide sufficient reasons for classifying the stablecoin USDT as security or product and became subject to the Martin Act against the fraud activities. Moreover, it was also mentioned that Office's jurisdictions regarding Tether issue seem to be quite vague, which must be clarified at first and then the companies may assist in the investigation.

The attorneys representing the exchange also noted that the court order led to indefinite freezing of the funds held by Tether Limited worth more than $2 billion, which in its turn put pressure on the investment activities. Moreover, such an aggressive position of the authority is hardly well-grounded, as they claimed.

In addition, the company stated in the appeal that the Prosecutor Office was wrong saying that users at the exchange and USDT holders were investors, which in fact gave them extra rights in terms of the information access.

As it was reported earlier, the NY Prosecutor Office, in particular, the Prosecutor General of New York State, Latitia James asked the court to keep the previous order that did not let Bitfinex use funds from Tether Limited.

Notably, this case has already launched a domino effect. One of the leading market data provider CoinMarketCap announced its decision not to use Bitfinex data while calculating average market prices for Bitcoin and other cryptocurrencies.

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06 May, 2019 16:58

← Fidelity Investments reportedly plans to launch bitcoin trading soon

The financial corporation Fidelity Investments intends to launch crypto buy/purchase service for institutional clients in the near term. In the coming weeks, the investment company Fidelity Investments will allow its customers to make transactions using Bitcoins. In addition, it has been offering token monitoring since this March.

Fidelity Investments reportedly plans to launch bitcoin trading soon

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06 May, 2019 14:18

CoinMarketCap decides to shave off Bitfinex data from price calculations →

As a result of events related to the company iFinex, which manages Bitfinex and owns Tether, CoinMarketCap decided to remove Bitfinex pricing data for a couple of BTC / USD from the market capitalization calculation.

CoinMarketCap decides to shave off Bitfinex data from price calculations
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