Bitcoin battle: CoinLab answers to Mt. Gox counterclaim

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The war between the previous business partners CoinLab and Mt. Gox has a new chapter. The initial deal was made almost a year ago, in November of 2012, when the two companies started working together, using Coinlab’s compliance with the North-American law to market Mt. Gox’s services in the United States, like 99Bitcoins reported here.

However, in May, CoinLab filed a complaint against Mt. Gox, alleging that the exchange had withheld information and kept selling in the United States by itself. So CoinLab claimed $75 millions in damages.

But the Japan-based exchange wasn’t happy and decided to file a counterclaim that demands CoinLab to pay $5.5 millions to Mt. Gox in damages, alleging that the incubator wasn’t able to operate lawfully as its partner because it violated the contract. And now it’s time to hear what CoinLab has to say, as the company answered to this lawsuit last week, according to The Genesis Block.

According to this new document, CoinLab states again that Mt. Gox has breached the contract by failing to provide necessary customer information, which made it impossible for CoinLab to comply with regulations. The incubator assures they were registered with FinCEN as a provider of prepaid access and updated their filing with FinCEN to become a money transmitter, after the cryptocurrency-related guidelines issued in March.

CoinLab also assures that the company never violated any law or regulation, while Mt. Gox never filed for any state or federal licenses, among other points of this legal answer.

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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