16 Sep '13, 10am

Mt. Gox countersues bitcoin incubator CoinLab for $5.5m: Japanese bitcoin exchange Mt. Gox has

Mt. Gox countersues bitcoin incubator CoinLab for $5.5m: Japanese bitcoin exchange Mt. Gox has

Japanese bitcoin exchange Mt. Gox has responded to a lawsuit by former US partner CoinLab , asking for $5.5m in damages. The exchange alleges that CoinLab was not able to operate lawfully as its partner in the US. The two companies had formed a business partnership last November, giving bitcoin business incubator CoinLab the exclusive license to market Mt. Gox’s services in North America. But CoinLab had filed a complaint on May 2, alleging that Mt. Gox had withheld information it needed to market to customers, instead continuing to sell into North America itself. It claimed $75m in damages. On Friday, Mt. Gox responded with a counterclaim , arguing that it was unable to let CoinLab market in North America because the company had violated the contract. In particular, it hadn’t registered as a money transmitting business or money services business. “One of the most importan...

Full article: http://www.coindesk.com/mt-gox-countersues-bitcoin-incuba...

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