New York Attorney General Letitia James today continued her efforts to protect investors from fraudulent and deceptive virtual or “crypto” currency trading platforms by requiring Bitfinex and Tether to end all trading activity with New Yorkers. Millions around the country and the world today use virtual currencies as decentralized digital currencies — unlike real, regulated government currencies, including the U.S. dollar — to buy goods and services, often times anonymously, through secure online transactions. Stablecoins, specifically, are virtual currencies that are always supposed to have the same real-dollar ... (full story)

The Office of the Attorney General of the State of New York (“OAG”) commenced an investigation pursuant to New York General Business Law § 352 et. seq. (the “Martin Act”) and Executive Law § 63(12) regarding fraud in connection with the Bitfinex trading platform and related matters. On April 24, 2019, the OAG filed a proceeding in Supreme Court, New York County pursuant to Section 354 of the Martin Act, seeking a court order to enjoin certain conduct by iFinex Inc., BFXNA Inc., BFXWW Inc. (collectively, “Bitfinex”), and Tether Holdings Limited, Tether Operations Limited, Tether Limited, and Tether International ... (full story)