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Jubilation as New York Supreme Court Grants Bitfinex Stay of Document Demands

Jubilation as New York Supreme Court Grants Bitfinex Stay of Document Demands

There is euphoria in the crypoverse over the announcement that the New York Supreme Court yesterday granted Bitfinex and Tether’s stay of document demands in New York city.

In Manhattan, Bitfinex and Tether who have both been accused of involving in shady deal filed a motion to disregard the proceeding brought by the New York Attorney General’s office on two basis which includes:

  1. The fact that the two accused entities do not do business in New York state, and so the Attorney General’s office lacked jurisdiction over
  2. The Martin Act of the New York cannot be applied on the two companies’ businesses;
  3. And the Martin Act cannot be applied “extraterritorially” to force an independent firm to bring forth their documents that are stored abroad.

In this wise, Tether and Bitfinex prayed that the court grant an on the spot stay of the Attorney General’s document demands.

While Joel M. Cohen of the New York Supreme Court (Commercial Division) scheduled a hearing on our motion to dismiss for July 29, 2019, today, he entered an order granting Bitfinex’ motion for an immediate stay of the document demands.

According to Bitfinex, the Judge granted that the companies “produce only documents and information relevant to the limited issue of whether there is personal jurisdiction over the companies in New York but staying the document order in all other respects”.

The decision by the Judge is indeed a landmark achievement for Bitfinex since the motion raises important legal hiccups to the authenticity of the Attorney General’s demands.

According to Bitfinex, the order is another success in the defence of the exchange against the New York Attorney General’s overreach.

The ruling succeeds the Judge’s last week ruling, where Bitfinex was granted the motion to reduce the injunction against its businesses.

Bitfinex is facing legal challenges wherein $850 million Bitfinex’ fund was frozen. The exchange has promised to use legal means to get its fund, but to make everything perfect, it is embarking on an Initial Exchange Offering (IEO).

Bifinex Launches Unus Sed Leo Token on EOS and Ethereum

Meanwhile, Bitfinex has today announced that the Unus Sed Leo token contracts are now live on both Ethereum and EOS.

According to Bitfinex, at the time of deployment, nothing less than 660 million Ethereum-based tokens have been issued, alongside 340 million EOS-based tokens.

Bitfinex launched the Unus Sed Leo after it successfully raised $1 billion within 10 days.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Olayode Yusuff

Olayode has made meaningful contributions to Huffington Post, Thrive Global, Oracle Times, The Independent Republic, Forbes, Washinghton Post and a host of other news magazine.

He’s a blockchain enthusiast covering news on notable cryptocurrencies and seminars from far and within.

Email: olayode.yusuff@newslogical.com

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