THE:New York Court Grants Bitfinex’s Motion to Modify Injunction_TOR

Today,theHon.JoelM.CohenoftheNewYorkSupremeCourt(CommercialDivision)grantedourmotiontomodifytheinjunctionobtainedbytheNewYorkAttorneyGeneralagainstourbusinessbecausetheoriginalinjunctionwasvague,overbroad,andnottime-limited.Thecourt’sorderallowsBitfinexandTethertocontinuetheirnormalbusinessactivities.Italsostipulatesthattheinjunctionwillexpirein90daysandthattheburdentoseekanyrenewalfromthecourtrestssquarelyontheshouldersoftheNewYorkAttorneyGeneral’soffice,whereitbelongs.JudgeCohenheldthatNewYork’sMartinAct“doesnotprovidearovingmandatetoregulatecommercialactivity.”

ThisorderisavictoryintheongoingdefenceofourbusinessagainsttheNewYorkAttorneyGeneral’soffice.

WearegratefulthatJudgeCohenrecognized,inargumentbeforehiscourt,thattheoriginalinjunctionobtainedbytheNewYorkAttorneyGeneralwas“bothamorphousandendless,”andthatItneededtobe“asnarrowaspossible.”Webelievethatthecourt’sdecisiontodayleavesnodoubtthatbothTetherandBitfinexareentitledtoruntheirbusinessesintheordinarycourse,evenduringtheshortperiodwhenthisnownarrowedpreliminaryinjunctionisinplace.

TheNewYorkAttorneyGeneral’sofficehassoughttoproceedexparteagainstusandinbadfaith,notwithstandingourprevious,historical,andvoluntaryco-operationwiththem.WewillvigorouslydefendagainstanyactionbytheNewYorkAttorneyGeneral’soffice,andweremaincommitted,asever,toprotectingourcustomers,ourbusiness,andourcommunityagainsttheirmeritlessclaims.

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