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   932

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.

DEAPCOIN IEO to be Held at OKEx on 8.04

The project is planning to raise $2M a the price of 1 DEP on IEO will be $ 0.0025
25 March 2020   943

OKEx Exchange announced Wednesday the 11th initial exchange offering (IEO). It will be conducted by the DEAPCOIN Project (DEP) and will be held on April 8th.

As in previous OKEx campaigns, the selection of participants and the selection of the allocation coefficient will be carried out according to two criteria: the average daily balance of OKB and the trading volume on the exchange. For each of the groups, allocation of 400 million DEP tokens is allocated.

The price of 1 DEP on IEO will be $ 0.0025. Thus, the project intends to attract up to $ 2 million from OKEx users. Trading in USDT and USDK pairs will start on the same day.

The DEP token was released by DEAPCOIN to shape the economy around the PlayMining entertainment platform they are developing, where users can earn cryptocurrency during games. DEP is presented as an ERC-20 standard token, while game items on the blockchain will use the ERC-721 standard.

Despite the generally negative dynamics of the IEO space recently, the token of the previous placement of the OKEx platform - HyperDAO - that passed at the end of February is currently trading almost 3 times higher than the initial selling price.