Bitfinex to Respond to NY Attorney General Office

Among other things, exchange operator denies that fraud has taken place or is taking place, also claims there are no victims that this injunction is protecting.
06 May 2019   169

iFinex Inc., which operates Bitfinex Bitcoin Exchange and parent company Tether Limited, said that the court order, which was previously achieved by the Attorney General of the State of New York, is based on incomplete and incorrect facts, as well as the wrong legal standard. The company denies that fraud has taken place or is taking place, and also claims that there are no victims that this injunction is protecting.

In the iFinex document, it stressed that the New York Attorney General’s Office did not explain how exactly USDT being qualifies as a security or commodity and why it is subject to the so-called Martin Act on counteracting fraud. The company also pointed out the fact that the jurisdiction of the department in relation to Tether is vague, and this question needs to be clarified before the defendants start to go to meet the investigation.

Attorneys at the Hong Kong Stock Exchange added that, due to the prescription, Tether Limited reserves of more than $ 2 billion were frozen indefinitely, which is detrimental to investment activities. In their opinion, such active intervention by the Prosecutor General’s Office is unreasonable.

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At the same time, the company noted that Tether had updated the USDT Stablecoin policy on the official website, after which users could and can sell their tokens if they wish. The exchange operator explained that Bitfinex had never undertaken to inform users of all the information that they may consider important.

The Prosecutor General’s Office also incorrectly calls users of the site and USDT holders investors, giving them additional rights in the context of access to information, lawyers say.

BTC Invesment Profitability to Exceed Traditional Assets

This conclusion was made by Binance Research team in study "What Bear Market?"; since begining of the year the BTC has grown by more than 50%, while oil by 33%
08 May 2019   321

Since the beginning of the year, Bitcoin has grown faster than traditional market assets, including oil, technology companies, real estate and gold. This conclusion was made by Binance Research in the new study "What Bear Market?"

Since the beginning of the year, the price of Bitcoin has grown by more than 50%, while oil - by 33%, tech stocks - by 18%. The price of gold in five months slipped by 1%.

Recently, however, some factors have emerged that may put pressure on the price of Bitcoin. Thus, the recovery of BTC growth slowed down somewhat amid news of a hacker attack on the popular Binance exchange itself, as a result of which 7,000 BTC ($ 40.5 million) were stolen.

Another potentially negative factor for the price of Bitcoin could be the upcoming IEO of the Bitfinex exchange, where Tether stablecoins will be used to purchase LEO tokens for $ 1 billion. It can lead to situation when large players can may actively sell BTC.