A lawsuit directed against Ripple Labs Inc. was filed at the Superior Court of California. The company allegedly led a game plan to raise hundreds of millions of dollars with unregistered sales of its XRP tokens. They were further accused of creating billions of coins “out of thin air” and selling them to the public in “what is essentially a never-ending initial coin offering,” according to Bloomberg.
In the case of the Norwegian cryptocurrency exchange Bitmynt AS. It has lost its case against the Scandinavian financial services giant Nordea. Bitmynt AS sued the bank for closing its account due to poor safeguards. However, it was the other way around for the Chilean crypto firm Buda who won its case against two banks who closed its account.
In Israel, the cryptocurrency mining company Israminers brought legal charges against the Union Bank of Israel for allegedly stopping the cryptominer from receiving payments from crypto exchanges and sending back payments already received in the account.
Is this emerging trend of “exchange vs. bank” clashes a sign that crypto is getting so big that it tends to disrupt the existing laws and legal standards?