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Bitfinex in action - again

2 min reading

The court is postponing its decision about the Bitfinex exchange. The case has been on the docket since April, and the judges don't know when they will come to some conclusion.

Bitfinex and Tether - what happened?

The known all around the world case started with Bitfinex paying off their debts with Tether coins. Stablecoin's resources belonged to the clients, who hadn't been informed of this fact. Some of the crypto exchanges reacted by removing Tether from their offer, and they appealed to others to do the same. The court trial has been going on since then, between the company managing the exchange - iFinex, and the New York's General Attorney. They have decided a cease-fire in May, but July has brought new charges. The General Attorney has accused Bitfinex of business activities in New York State, while it had been forbidden almost a year before. The exchange does not agree with these accusations and demands rejecting the plea.

The court's decision

The judge of New York's Supreme Court, Joel M. Cohen, stated, that he needs more time to decide. In May, the judge had ordered the exchange to surrender their documents. Bitfinex can continue its business in New York, but it cannot make profits from selling Tether. About the decision to postpone the sentence, the mentioned provisions still apply. The prolongation of this "suspension" of cooperation between both entities is expected to be 90 days.
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