China’s Bitcoin Exchange ZB.com To Support Bitfinex’s IEO LEO Tokens Against USDT On May 28
ZB.com Toad Support For Bitfinex’s Leo Tokens
Lately, Bitfinex’s LEO tokens have been a subject of intense debates on Twitter. This week, Bitfinex announced that the tokens would go live on ZB.com starting May 28th, where they will trade against USDT. ZB.com is a Chinese exchange platform that also offers wallet services, venture capital funds, research institutes, and media. It was founded in 2012.
The news broke through the Bitfinex Twitter account. In the corresponding blog, Bitfinex announced that trading of these tokens would be exclusively available to users who have complied with KYC procedures in specific jurisdictions. In a separate tweet, ZB announced that they are already accepting LEO token deposits from their clients, and also confirmed the start date issued by Bitfinex.
LEO tokens sparked debate on Twitter when Bitfinex announced plans to raise $1 billion in exchange of the tokens. This money would be used to cover for the $850 million belonging to Crypto Capital, a payment processing company that is subject to a court order issued by the office of the Attorney General of New York. The $850 million is currently frozen in multiple accounts.
Although the New York Supreme Court has issued an injunction that favors Bitfinex, the lawsuit has disclosed information that was previously unknown to the public. During this legal battle, questions emerged over Tether’s reserves. As a result, the crypto community is now aware that Tether’s reserves are not entirely in cash, and that some of the reserves had been invested in Bitcoin.