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| December 18, 2018

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Trump’s hardball tactics may win trade battles while losing the loyalty of allies

October 11, 2018 |

Shortly after Canada agreed to new terms for the North American Free Trade Agreement, the Trump administration held up the deal as vindication of the president’s bare-knuckles negotiating style.

And the administration was certainly right about the tactics: During 13 months of talks, Trump imposed…

L.A. Times – Business

Quadrigacx Battles Bank Over $21.6M in Frozen Funds

October 10, 2018 |

Quadrigaxc Battles Bank Over $  21.6m in Frozen Funds

Cryptocurrency exchange Quadrigacx has blamed an ongoing legal dispute over $ 21.6 million worth of funds that were frozen by the Canadian Imperial Bank of Commerce (CIBC) in January for delays experienced by some of its customers when requesting fiat currency withdrawals.

Also Read: Japanese Internet Giant GMO to Launch Yen-Pegged Cryptocurrency

Quadrigacx Blames Court Dispute With
Bank for Fiat Withdrawal Delays

The Vancouver-based exchange has blamed a legal dispute between it and CIBC as the reason for delays experienced by some of its customers when trying to withdraw fiat currency.

The Globe and Mail reports that court documents show Quadrigacx has been unable to access 28 million Canadian dollars (approximately $ 21.6 million) since January after CIBC froze multiple bank accounts owned by Quadrigacx’s payment processor, Costodian Inc., and its owner, Jose Reyes.

CIBC Asks Court to Determine
Rightful Owner of Frozen Funds

While CIBC has declined requests for comment from the media, a factum filed with the Ontario Superior Court of Justice states that the bank froze the accounts after it was unable to identify the owner of the funds held in the accounts.

CIBC is requesting that the court take possession of the funds in question and determine whether the money is owned by Costodian, Quadrigacx or the 388 people who directly deposited the funds into the accounts for the purpose of cryptocurrency investment.

Quadrigacx Claims Unfair Treatment

Quadrigaxc Battles Bank Over $  21.6m in Frozen FundsQuadrigacx, on the other hand, claims that the bank was wrong to freeze the money, and argues that it is the undisputed owner of the majority of the funds, excluding one wire recall of 99,985 Canadian dollars. Quadrigacx’s factum also states that the exchange had already credited the accounts of the depositors with virtual currency, and that Quadrigacx believes that it is being unfairly targeted due to the mainstream stigma associated with cryptocurrency.

“This court should not succumb to the bank’s unsubstantiated and highly offensive speculation that there must be shady dealings afoot because Quadrigacx’s business is a trading platform for individuals trading in cryptocurrencies,” the court filing reads. “CIBC ‘has been holding the respondents’ funds hostage since Jan. 8, 2018, while it hopelessly attempts to find an ex-post facto justification for wrongfully freezing and continuing to freeze the accounts in the first place.”

Quadrigacx’s lawyer, Margaret Waddell, has indicated that the court heard the case during the summer, and that the judge has reserved decision.

What is your reaction to the ongoing dispute between Quadrigaxc and CIBC? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

At there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Quadrigacx Battles Bank Over $ 21.6M in Frozen Funds appeared first on Bitcoin News.

Bitcoin News


Abby Lee Miller Seen Outside Her Rehab Center as She Battles Cancer

August 1, 2018 |

Abby Lee Miller’s not letting her battle with cancer slow her down … or keep her cooped up inside. The “Dance Moms” star got some fresh air outside her rehabilitation center on a hot summer day in L.A. Tuesday. She recently completed her fifth…

More Marital Battles, More Health Problems for Men

July 18, 2018 |

Disagreeing too often with your spouse could be bad for your health—a finding that might be used to sway arguments in favor of women, as it especially applies to men. It comes from a 16-year study of 373 heterosexual married couples in the US, presented at a recent meeting…

Times Columnist Battles Fears He’ll Go Blind

February 25, 2018 |

New York Times columnist Frank Bruni has penned a first-hand account of how it feels to be confronted with the possibility of going blind. Bruni’s weekend op-ed details his recent experience with what is known in layman’s terms as a “stroke of the eye.” Bruni writes that the brief lack…

Facebook Battles New Criticism After Indictment Against Russians

February 20, 2018 |

Facebook is contending with a new wave of criticism prompted by the U.S. indictment alleging that Russia manipulated social-media platforms—and by a Facebook executive’s attempts to address the issue. US Business

U.K.’s May Battles Coughing Fit, Prankster, Falling Scenery in Speech

October 4, 2017 |

British Prime Minister Theresa May suffered bouts of coughing, a prankster on stage and falling scenery as she struggled to deliver closing remarks aimed at uniting the Conservative Party around her. What’s News Europe