Bitfinex withdrawal of Wells Fargo litigation request did not specify the reasons for withdrawal

Bitfinex withdrawal of Wells Fargo litigation request did not specify the reasons for withdrawal

A week later, according to the Bitfinex of Wells Fargo Bank transfer $exchange to suspend the case, Bitfinex has withdrawn the request to suspend the Wells Fargo Bank dollar remittance claims. Few people believe that Bitfinex has the opportunity to be able to successfully oppose the decision of Wells Fargo Bank, even served as the company’s agent.

Withdraw the lawsuit

The original Bitfinex parent company Ifinex on Wednesday March 5th sued Wells Fargo Bank and Wells Fargo, and suspend its foreign exchange remittance of $. In Bitfinex the withdrawal of Wells Fargo this lawsuit, the plaintiff and the other is TetherLimited subsidiary of Ifinex BFXNAInc and BFXWWInc., they asked the jury in the trial of the case, and tried to “preliminary and permanent injunction of Wells Fargo, and rich bank compensation they pay more than $75000, and any the Court acknowledged that additional relief fairness.

After a week on Tuesday, the four plaintiffs to the district court for the Northern District of California submitted “voluntary revocation proceedings”, the application effectiveness of San Francisco branch approval notice and dismissed the plaintiff’s claim. Pointed out that the court documents, the four plaintiffs “prejudice voluntarily withdraw” for Wells Fargo litigation, pointed out:

The voluntary revocation litigation request notice made by the defendant to the court before litigation, in order to get the summary judgment to stop the proceedings.

The probability of success is not

In Bitfinex the withdrawal of Wells Fargo’s lawsuit and the time of this writing, the Bitfinex has not issued a statement on why the revocation of the relevant bank lawsuit.

However, some people think that the company of Wells Fargo Bank case, won and got the opportunity for small. A bitcoin Reddit user wrote: “Wells Fargo may argue that Bitfinex does not represent a rational side;” another user wrote: “they [Bitfinex] will lose the lawsuit, because they did not stand, 1) 2) to allow banks to transfer discrimination. Users questioned why not Bitfinex with a number of banks to become partners, and suggested that the company should use their resources to find better agent banks and become partners, and don’t waste time on “know that they will lose the lawsuit”.

The representative of Bitfinex responded to the Reddit post, said: “we are trying to promote the development of these relations, and develop a new relationship,” added, they will explore other options. He added:

“Although we have alternative channels available to us, but related to operating expenses, processing speed of withdrawals will be delayed.”

Big banks break the bank agent relationships and small banks are not rare, in the relevant report of the world bank, the bank can stop doing business with any bank of any country, if there is the high cost of cooperation or cooperation with the entity because risk is too high and can not be managed “situation, the agent bank can claim the risk is too high, the bank can not be forced to remain with the agent bank relationship.

Bitfinex has to ensure that customers, in the case of damage to the customer funds, their funds are not frozen by Wells Fargo, and Wells Fargo only agent.

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