US Federal Judge ruling in favor of Bitcoin IRA in the case against Kingdom Trust
A federal judge of the United States has ordered Kingdom Trust, the custodian of assets, to completely restore access to the data of all affected customers after unilateral termination of customer access to their own account information on the site Bitcoin IRA website.
Submitted on November 12, a court document reveals that the Federal Judge of the South Dakota District Court, Karen E. Schreier, ruled in favor of Bitcoin IRA in the case against Kingdom Trust, where the latter allegedly violated a referral agreement by terminating customer access to their account data on the Bitcoin IRA platform without prior notice.
Breach of the reference agreement
As described in the document, in September 2018, Bitcoin IRA and Kingdom Trust entered into a referral agreement, which indicated that Bitcoin IRA would refer its customers to use Kingdom Trust as a depository of the trust. In return, Kingdom Trust agreed to pay Bitcoin IRA a commission on recommendation for account holders who became Kingdom Trust customers.
However, in August 2019, Kingdom Trust unilaterally removed access to the Bitcoin IRA application programming interface (API) and stopped providing daily updated account information. This eventually led to inaccurate reflections on the information about the assets held in customer accounts.
Schreier said in the ruling that “Kingdom Trust unilaterally terminated customers’ access to their own account data on the Bitcoin IRA website, and has not demonstrated that the interference is justified.” After the release of the order, Kingdom Trust must:
“Full restoration of the condition and functionality existing before August 21, 2019, access of Alternative IRA Services LLC (Bitcoin IRA) to the data of the holders of the accounts in which Bitcoin IRA is the representative designated by the holder of the account, and access of account holders to the Bitcoin IRA online platform, allowing account holders to self-redirect their online retirement accounts 24 hours a day, 7 days a week. ” .
Expansion of retirement savings offers
As cryptocurrencies become more widely adopted, holders increasingly include digital assets in their retirement plans and savings accounts. On November 13, Kingdom Trust, along with Coinbase and alternative asset investment Regal Assets began offering individual cryptocurrency-based accounts and 401 (K) accounts in the United States.
The new offer is supposed to give investors access to more than 30 assets directly through Coinbase, with insurance protection provided by Lloyd’s of London.
As reported last month, Bitcoin IRA partnered with digital asset lending company Genesis Capital to offer investors the opportunity to earn interest on crypto and cash holdings. Reportedly, Bitcoin IRA has provided individual digital asset accounts since 2016 and has processed more than USD 350 million in investments, incorporating 4,000 customers.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.