• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Bitfinex Files a Lawsuit Against Wells Fargo for Refusing Outbound WT

Gautham by Gautham
4 years ago
in Cryptocurrency news
Reading Time: 2min read
shutterstock
Advertisement

The leading cryptocurrency exchange platform, Bitfinex has decided to take one of the big banking institutions to court. According to reports, Bitfinex has filed a lawsuit against Well Fargo after the institution failed to process US dollar wire transfers originating from the platform’s account.

One of the publications has reported that the lawsuit against Wells Fargo has been filed in the Northern District of California federal court San Francisco division. In the lawsuit, Bitfinex is seeking a preliminary injunction as well as damages of over $75000. The plaintiffs in the case are Bitfinex’ parent company iFinex and Tether Limited.

The troubles started after Wells Fargo refused to process outgoing wire transfers from Bitfinex’ accounts in four different Taiwanese banks. These Taiwanese banks have been using Wells Fargo as the correspondent bank for US dollar wire transfers for a while now. Being a customer of these Taiwanese banks, Bitfinex has been using the service for over a period of two years without any glitch until recently.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It is speculated that the banking institution stopped processing the funds due to Bitfinex’ nature of business involving cryptocurrencies. However, Bitfinex argues that the US-based banking institution was aware of Bitfinex’ business model through the KYC process shared by the platform’s banking partner. In addition, Bitfinex also claims that bank never gave any prior intimation to the company regarding stoppage of its services. The company’s repeated requests to the bank seeking more information about the issue seem to have met a dead end as well.

The actions of Wells Fargo is reported to have caused an enormous impact on Bitfinex’ operations, creating an existential threat to the exchange platform that prevented it from fulfilling its obligations towards customers.

This is not the first time a cryptocurrency company has found itself in such a situation, where a banking partner has suddenly decided to withdraw its service. But this is probably the first time a reputed platform like Bitfinex had to face such a situation, forcing it to seek legal relief. The outcome of the lawsuit is awaited, and if Bitfinex and Tether do end up winning the lawsuit, the whole incident will prove to be a warning for other banking institutions that are contemplating similar moves.

Ref: Calvin Ayre | Image: Shutterstock
Tags: bitcoinBitcoin NewsbitfinexlawsuitNewsWells Fargo
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Gautham

Gautham

Related Posts

bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

5 hours ago
Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

6 hours ago
Stellar Lumens XLM XLMUSDT

How Stellar’s Growth In Q1 2021 Could Foster Further Adoption

9 hours ago
Ripple XRPUSDT

This Is What Gensler’s Confirmation Could Mean For XRP

10 hours ago
Cardano ADA ADAUSDT

Why Cardano Could Be The Next Runner Up To Ethereum

11 hours ago
easyfi

EasyFi Introduces Tokenized Stocks and Commodities in Partnership with Mirror Protocol

13 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Crypto Exchange Platform AAX Reveals HKD, SDG, and GBP as the Top Three Fiat Currencies Deposited In April

April 14, 2021

Polkadex IDO Launches On Polkastarter on the 16th of April

April 13, 2021

Fast-Growing Exchange Bityard to Launch Its First Contest for Global Traders

April 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.