Lawsuit Filed Against Nano Developers

Lawsuit against company, formally known as Raiblocks, is filed by US citizen Alex Brola
09 April 2018   1055

Lawsuit against the developers of Nano cryptocurrency (formerly Raiblocks) was filed in the New York District Court. This is reported by Cointelegraph.

The suit was filed by US citizen Alex Brola through the law firm Silver Miller. He argues that the Nano developers violated the securities law and were negligent, releasing their crypto currency at the BitGrail exchange, with which about 17 million Nano ($ 187 million at the time of the hacking) were stolen in mid-February.

The plaintiff demands issuing an order that would oblige Nano to conduct a "saving fork" in order to issue a new crypto currency in order to "fairly compensate" the losses of the participants in the claim.

Although the plaintiff in the case is Brola, who bought $ 50,000 worth nanos on December 10, Silver Miller claims that "there are hundreds, if not thousands, of potential participants in the class action" that the company intends to contact during the defendant's review of the plaintiff's materials.

Silver Miller declares itself as "a strong defender of defrauded investors who suffered as a result of the actions of stock exchanges of crypto-currencies and issuers." Currently, the company conducts group suits against such crypto-currency firms as Coinbase, Kraken, BitConnect, Cryptsy, Monkey Capital, Giga Watt and Tezos.

Earlier, BitGrail founder and operator Francesco Firano presented investors with a plan for recovering stolen funds, which can be implemented if they agree not to go to court.

Binance to Launch Fiat-to-Crypto OTC Trading

Binance co-founder also said that the exchange will also add support for OTC trading for the renminbi to increase domestice market presence
20 September 2019   45

Binance cryptocurrency exchange will launch over-the-counter trading (OTC) with fiat currencies within a month, CoinDesk reports.

Binance co-founder He Yi stressed that the exchange will also add support for OTC trading for the renminbi in an attempt to increase its presence in the Chinese market.

Soon, Binance will introduce a payment service that will allow customers from 170 countries to buy cryptocurrencies for fiat on Binance.com.

The exchange launched an OTC platform at the beginning of the year, and in July Binance added a “block trading” service that allows traders to carry out transactions from 10 BTC.