As part of its global expansion, Coinbase has announced that it has been granted regulatory approval from the Netherlands' national bank.
According to new court filings published on 21st May, Bitfinex and Tether are hoping to get the case versus the New York Attorney General dismissed.
One set of the court documents show the motion to dismiss from the lawyers of Bitfinex and Tether under claims that the New York Supreme Court does not have jurisdiction over the accused in the case of the alleged criminal activity. The court appeal from the lawyers is founded on the argument that the New York Supreme Court does not have jurisdiction because neither Bitfinex nor Tether operate out of New York and neither did they act against any investors within the New York state.
According to the Bitfinex and stablecoin’s lawyers as stated in the court filings:
“Neither Bitfinex nor Tether has a single headquarters or home office. Rather, the Companies have decentralized operations in different countries including Hong Kong, Switzerland, and Taiwan. Neither Bitfinex nor Tether maintains any office in the United States.”
Further, in the documents, the lawyer states:
“Both Bitfinex and Tether prohibit any United States customers, expressly including customers in the State of New York, from using their platforms.”
In another set of court filings, the lawyers outlined the argument to dismiss the case under the premise that the case is against Bitfinex and Tether to “protect New York investors”:
“The Office of the New York Attorney General (“OAG”) initiated this special proceeding ostensibly “to protect New York investors.”… In light of these indisputable facts, Respondents respectfully request that the entire proceeding be dismissed for lack of personal and subject matter jurisdiction. While the Court is considering those issues, Respondents also respectfully request that the onerous document production demands looming over Respondents be immediately stayed, so that any resulting dismissal will not be issued too late to have meaningful effect.”