The 90-day ban on Bitfinex and Tether is implemented today, and the ban period can be extended for two weeks

Produced by Odaily

Translator | Wang Ye

Produced by Odaily

Editor | Lu XiaomingannouncementOn May 16 local time, Bitfinex released

announcement

It is said that the New York Supreme Court allows Bitfinex and Tether to continue normal business activities, and the ban will expire in 90 days, with May 16 (US time) as the date of enforcement of the ban, Beijing time is today.

Crypto Capital’s operators, Reginald Fowler and Ravid Yosef, were later indicted by the U.S. Department of Justice for providing illegal banking services to companies offering cryptocurrency services.to reportAccording to Coindesk on May 14

to report

, Tether and Bitfinex parent company iFinex’s attorneys submitted an application to the New York Supreme Court, hoping to reduce the injunction period from 90 days to 45 days. The New York Supreme Court did not directly agree to their application at that time, and decided to hold a hearing a few days later There will be a verdict.

The hearing was held on May 16, and Judge Joel M. Cohen of the New York Supreme Court (Commercial Division) approved Bitfinex's application to amend the NYAG office's injunction against Bitfinex, saying that the original injunction was vague, too broad, and there was no time limit. The New York Supreme Court allowed Bitfinex and Tether to continue their normal business activities, but still stipulated that the injunction would expire in 90 days. According to Cohen, New York State's Martin Act "does not provide a mandate to regulate commerce."

In addition, the New York Supreme Court also decided the following provisions:

1. Order Bitfinex and Tether executives and employees to cease lending Tether reserves to Bitfinex, and any other party, except as part of normal business;

2. Tether cannot distribute any funds in its reserves to executives, employees or other individuals other than salaries and normal contractor, consultant or supplier payments;

3. Neither Bitfinex nor Tether can modify in any way the documents requested in the NYAG’s original subpoena;

4. The injunction will expire after 90 days, but the NYAG office can ask the court to extend the injunction period for another two weeks.

Bitfinex praised the New York Supreme Court ruling in its official statement, saying in the statement:

“We believe that today’s ruling by the New York Supreme Court leaves no doubt that both Tether and Bitfinex have the right to conduct their businesses in accordance with normal procedures, even with this injunction currently in place.”