In the latest cryptocurrency news, we have the New York Supreme Court and Justice Joel Cohen granting Bitfinex’s motion to modify an injunction. The announcement was officially published on Bitfinex’s blog on May 16.
As the announcement says, the court order by the New York Supreme Court will allow the Bitfinex exchange as well as its stablecoin operator Tether to continue doing normal business. Furthermore, it states that the original injunction by the New York Attorney General (NYAG) will expire in 90 days, stating that any motion to review it will be the responsibility of the NYAG itself.
“Today, the Hon. Joel M. Cohen of the New York Supreme Court (Commercial Division) granted our motion to modify the injunction obtained by the New York Attorney General against our business because the original injunction was vague, overbroad, and not time-limited. The court’s order allows Bitfinex and Tether to continue their normal business activities,” was the statement from Bitfinex.
As Cohen wrote in the decision which made the altcoin news:
“…the Court finds that the preliminary injunction should be tailored to address OAG’s legitimate law enforcement concerns while not unnecessarily interfering with Respondents’ legitimate business activities.”
The New York Supreme Court and the NYAG alleged that Bitfinex lost $850 million already and used funds from Tether to secretly cover the shortfall. The exchange also responded to the allegations and said that they were “filled with inaccuracies and false assertions,” as many best cryptocurrency news sites reported.
Even though this motion will still allow Bitfinex to operate with its business, it will also require the exchange to turn over information regarding a loan and line of credit. The New York Supreme Court’s decision, however, forbids Tether from loaning any assets to Bitfinex as well as other parties, distributing reserve funds to its employees or modifying any of the documents that are subpoenaed by the NYAG.
“This order is a victory in the ongoing defence of our business against the New York Attorney General’s office,” Bitfinex concluded, maintaining its optimism regarding the decision.
The exchange also said that they will remain committed despite the New York Supreme Court action, “to protecting our customers, our business, and our community against the meritless claims.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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