Register for The Paypers news Follow The Paypers on LinkedIn! Follow The Paypers on Twitter! Follow The Paypers on Facebook! Follow The Paypers on Google+!
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

Bitfinex takes Wells Fargo to court over bank transfer freeze

Wednesday 12 April 2017 | 12:56 PM CET

Bitfinex, a digital currency exchange, has filed suit against Wells Fargo, after the bank moved to limit its ability to send funds worldwide.

The suit alleges that the bank has prohibited four Taiwan-based banks, KGI Bank, First Commercial Bank, Hwatai Commercial Bank and Taishin Bank, which do business with Bitfinex from completing outbound wire transfers, according to Coin Desk.

Furthermore, named as plaintiffs in the case are Tainwan-based iFinex, along with two British Virgin Islands subsidiaries and digital asset transfer company Tether. In addition to seeking an injunction against Wells Fargo in order to prevent the wire transfer stoppage, the exchange is seeking as much as USD 75,000 in damages.

Commenting on this news, Stephen D Palley, a Washington, DC-based lawyer, suggested that Wells Fargo may challenge the jurisdictional nature of the suit, given that the plaintiffs are based outside of the US, the online publication continued.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement