Bitstamp Exchange Appeals to Court for Help

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The Bitstamp exchange filed a court case to invite Citibank and Bank of America to proceed over the ongoing dispute with CNG Processing. It was stated that such an application was made because CNG Processing did not provide a document supporting its claim regarding these two banks.

Crypto money exchange Bitstamp has agreed with CNG Processing in Denmark to facilitate money transfer transactions on the exchange. The two companies, which were reported to have been in disagreement, came to a stalemate over the deposit payment, and Bitstamp filed for the inclusion of Citibank and Bank of America to resolve the case.

Why was there a conflict between the two companies?

Bitstamp exchange had started working with CNG Processing company for the transfer of local and international payments. However, according to reports, Bitstamp accuses CNG Processing of violating the terms of the contract. According to Bitstamp, the company argued that it delayed the transactions of accounts opened in the US, while also imposing transaction limits on deposit and withdrawal procedures. For this reason, a dispute arose between the two companies.

After the developments, it was learned that Bitstamp has terminated its contract with CNG Processing. It was also reported that Bitstamp requested a total deposit of $ 2.7 million from the company. According to information shared on The Block Crypto, Bitstamp’s lawyers said CNG refused to pay the deposit in question. It was learned that CNG Processing said in response to this situation that the accounts at Citibank and Bank of America were frozen and therefore they could not make payments.

According to the court document, CNG Processing refused the payment, claiming that he could not withdraw the amount of security he had to pay to Bitstamp from his Citibank and Bank of America accounts. Bitstamp, on the other hand, writes that CNG Processing made such a claim without showing any legal documents received from these banks, and in order to clarify this situation, they requested information from both banks about the accounts that were allegedly frozen.


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