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Metropolitan Commercial Bank closes Tether, Bitfinex, Digfinex accounts: Report

Fri, 12 Jul 2019, 04:20 am UTC

New York-based Metropolitan Commercial Bank has shut down accounts linked to stablecoin issuer Tether, according to CoinDesk.

Tether, Bifinex’s parent company iFinex, and Digfinex, the majority owner of iFinex and Tether, reportedly maintained accounts with the financial institution. But the recent report revealed that Metropolitan Commercial Bank has closed all three accounts, following a request last year.

A bank spokesperson said the accounts only had minimal activity. In an e-mail to the news outlet, the representative said, “Metropolitan Commercial Bank had limited, corporate operating accounts with Tether Holdings LTD, iFinex Inc, and Digfinex Inc, all with negligible activity, and requested the accounts to be closed after less than 5 months of the accounts being opened.”

The news follows after the latest court filings of the New York Attorney’s General Office (NYAG) alleged that Bitfinex and Tether have conducted extensive New York dealings longer than they claimed. Moreover, the new filing revealed that Tether held accounts at Metropolitan Commercial Bank and Signature Bank.

The legal battle between the NYAG and the exchange erupted in April after Bitfinex was accused of illegally engaging with Tether to cover up an $850 million loss and required to comply with pre-suit document and information.

In May, Bitfinex and Tether claimed victory after the court ruled to grant the companies an immediate stay of the document demands after they argued the NYAG has no jurisdiction since their businesses are not operating in the Empire State. They were also previously granted a motion to modify an injunction and allowed to resume their normal business operations.

Earlier this month, Bitfinex revealed it has paid $100 million of its outstanding loan facility to Tether.

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