ION:Bitfinex Obtains Stay of Document Demands in New York_ING

Yesterday,inManhattan,BitfinexandTetherfiledamotiontodismisstheproceedingbroughtbytheNewYorkAttorneyGeneral’sofficeonthegroundsthat(1)theAttorneyGeneral’sofficelacksjurisdictionoverBitfinexandTether,whichdonotdobusinessinNewYorkstate;(2)NewYork’sMartinActdoesnotapplytothecompanies’businesses;and,(3)theMartinActcannotbeusedextraterritoriallytocompelaforeigncorporationtoproducedocumentsstoredoverseas.BitfinexandTetheralsosoughtanimmediatestayoftheAttorneyGeneral’sdocumentdemands.

Today,theHon.JoelM.CohenoftheNewYorkSupremeCourt(CommercialDivision)enteredanordergrantingourmotionforanimmediatestayofthedocumentdemands,requiringthecompaniestoproduceonlydocumentsandinformationrelevanttothelimitedissueofwhetherthereispersonaljurisdictionoverthecompaniesinNewYorkbutstayingthedocumentorderinallotherrespects.JusticeCohenscheduledahearingonourmotiontodismissforJuly29,2019.

WewelcomeJusticeCohen’sdecision,whichreflectsthatourmotionraisessignificantlegalchallengestothevalidityoftheAttorneyGeneral’sactions.

ThisorderisanothervictoryintheongoingdefenceofourbusinessesagainsttheNewYorkAttorneyGeneral’soverreach,anditcomesontheheelsofJusticeCohen’srulinglastweekgrantingourmotiontosignificantlynarrowtheinjunctionagainstourbusinessesobtainedbytheAttorneyGeneral.WelookforwardtocontinuingtochallengetheNewYorkAttorneyGeneral’sunmeritoriousclaims,andwewillcontinuetovigorouslyprotectourcustomersandassertourrightsagainstthosemakingfalseandunsupportedclaimsagainstus.

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