Bittrex User from New York Files Lawsuit Against the Exchange For Withholding Funds

    A cryptocurrency user filed a lawsuit against the cryptocurrency exchange Bittrex claiming that the platform is holding her funds. However, the exchange says that she should provide information about the funds she has in the paltform.

    • Bittrex user filed a lawsuit against the exchange for withholding funds
    • Apparently, she didn’t provide information about her funds

    According to a recent report released by The Block, a New York resident has just filed a new lawsuit against the popular cryptocurrency exchange Bittrex for withholding funds. The plaintiff claims that he deposited $120,000 on her Bittrex account in August 2018 and that the exchange didn’t allow to release the funds until November of this year.

    Bittrex Allegedly WIthholds User’s Funds

    According to the report, the user claims that the exchange extorted her by withholding her funds unless she signed an agreement giving up her rights to sue the firm. At the same time, Bittrex claims that these allegations are not true and that she couldn’t provide information regarding the source of the funds, which is required by New York state and the U.S. federal law.

    The report explains that the first page of the terms specifies that the plaintiff registered on the cryptocurrency exchange by agreeing on the platform’s terms of service that include an arbitration clause. Thus clause governs the resolution of certain disputes and waives any right to trial by jury or to participate in a class action.

    According to the author of the article, the plaintiff does not have enough reasons to be optimistic. About it, the author Stephen D. Palley commented:

    “One imagines an uphill battle convincing an arbitrator that (if we assume Bittrex’s argument is correct) that requiring documentation of source of funds is somehow unlawful, if required by state and federal law.”

    The cryptocurrency exchange Bitsane has disappeared leaving 246,000 users without their funds. During the last few months, the platform didn’t allow users to access their funds and withdraw them from the exchange. Ultimately, the platform closed its operations, deleted its social media network accounts and users are still waiting for their funds to be released.

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    Carl T
    Carl T
    Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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