- NYAG’s injunction will expire in a period of 90 days.
- Tether has been instructed to freeze all transfers to Bitfinex.
A motion has been granted by the New York Supreme Court judge that calls for the modification of the preliminary injunction that had been filed by NYAG against Bitfinex exchange. As far as the public documents are concerned, the current NYAG’s injunction will expire in a period of 90 days. However, the AG’s office has the capacity to file for a two-week extension.
The court found the preliminary injunction to be largely vague and directed that it be modified for it to focus on a narrow scope. The judge Joel Cohen said:
“The Court finds that the preliminary injunction should be tailored to address OAG’s legitimate law enforcement concerns while not unnecessarily interfering with Respondents’ legitimate business activities.”
He added:
“The Petitioner [NYAG] contends that she does not intend to restrict Respondents’ ordinary course of business activities, but the existing language creates a risk of doing just that.”
In addition to that the judge further directed that Bitfinex submit documents that had been requested by NYAG to aid in the investigation. Moreover, Tether has been instructed to freeze all transfers to Bitfinex. However, the funds can be used for compensating employees as well as other operational costs.
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