A U.S. federal court has ruled that law firm Silver Miller's money laundering-related class action lawsuit against crypto exchange and wallet Coinbase must be held in open court as opposed to a private arbitration boardroom, Silver Miller attorney David Silver told Cointelegraph in an email today, April 23.
The Eleventh Circuit Court of Appeals ruled today that the class action against Coinbase, brought by Silver Miller and co-counsel the Wites Law Firm, will be held in open court.
The case in question alleges that Coinbase assisted in laundering around $8.2 mln of stolen Bitcoin - valued at over $100 mln today.
In July, 2017, the CEO of the now bankrupt crypto exchange Cryptsy, Paul Vernon, had been found guilty of stealing his users' cryptocurrency and as ordered to pay $8.2 mln in damages, a case Silver Miller law firm was also involved in.
"Plaintiffs seek damages based upon the unlawful conduct of COINBASE in failing to properly monitor customer accounts that held investors' money and ignoring its duty to investigate suspicious activities under U.S. anti-money laundering rules."
"This ruling brings the plaintiffs one step closer to finding out just what type of Know Your Customer protocols and Anti-Money-Laundering protections Coinbase employed and whether Coinbase complied with state and federal statutes in that regard. Coinbase has delayed and tried to keep discovery hidden from the public long enough. That stops now."
"Coinbase's ascension to the top of the crypto exchange heap has not come without missteps in its business practices along the way. We look forward to having Coinbase answer for its role in the millions of dollars in harm suffered by our clients."
Coinbase is currently the subject of multiple disputes from users, including a complaint filed in March of this year that alleges that the exchange benefited from insider trading when it added Bitcoin Cash to its exchange and wallet services.
On the merchant side, Coinbase has recently received backlash online from its reported decision to suspend the account of the WikiLeaks Shop, the official merchandise arm of the whistle-blowing Wikileaks organization.
U.S. Court Rules Money Laundering-Related Case Against Coinbase Must Have Public Trial
pubblicato su Apr 23, 2018
by Cointele | pubblicato su Coinage
Coinage
Notizie recenti
Vedi tutti
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.