http://bitcoinfacts.info/Allegations21. Pursuant to the Agreement, Defendants granted CoinLab an exclusive license in the North American market to use the Defendants’ software and other intellectual property in providing digital currency exchange services (the “Licensed Materials”).
22. In consideration for this exclusive license and promise of cooperation, CoinLab promised, among other things, to assume responsibility for managing and marketing the exchange services in the United States and Canada. CoinLab also offered Mt. Gox the ability to service North American customers in a manner that it could not otherwise achieve.
24. Defendants have breached the exclusivity provisions of the Agreement by directly servicing customers in the United States and Canada since the Agreement took effect.
ContractF. 1 During the Term, MtGox and Tibanne shall not grant anyone the right to use the Licensed Materials to provide the Services, or any part thereof, in the Territory. The exclusivity granted herein shall apply strictly to Services targeting the Territory and the CoinLab Customers (as defined below) and advertised and sold as such. It shall not include the provision of Services to users of the Services who, depending on the interpretation or circumstances, may or may not be considered CoinLab Customers.
MtGox does not require a license to use the Licensed Materials within the United States or Canada as they own the Licensed Materials.
CoinLab Breach Of ContractD. Compliance. CoinLab shall operate the Services in the Territory in compliance with all applicable laws after completion of the Transition Period…
Territory is defined in the contract as “the United States of America and Canada.”
CoinLab is at best partially in compliance with the federal laws of the United States.
The complaint states that CoinLab is fully compliant with “
FinCEN‘s March 2013 guidance for digital currency exchanges.”
No mention is made of Canadian regulations or Money Transmitter regulations of individual states.
A search of
FINTRAC reveals that CoinLab is not registered as a Money Transmitter with Canadian regulators.
