US District court favored Dubai based cryptocurrency foundation over China’s Alibaba Group
–Alibaba Group Holdings Ltd filed a complaint against Alibaba Foundation
-Alibaba Foundation is a cryptocurrency company registered in Dubai
-Alibaba Foundation argued that it is not trying to sit on Alibaba’s name
According to the complaint filed by Alibaba Group Alibaba Foundation has used Alibaba’s name to deceive investors not only in the US but also around the world.
According to Alibaba Group, Alibaba Foundation has deceived investors through initial coin offerings. The court stated that Alibaba Group is headquartered in China meanwhile Alibaba Foundation is based in Dubai.
Alibaba Foundation has its offices in Dubai and Minsk, Belarus. Alibaba Foundation is also known as Alibabacoin Foundation and Abbc Foundation.
Since China banned initial coin offerings last September, consumers have understood that Alibaba Foundation has nothing to do with China’s Alibaba
Read the article written by Kevin Helms at – https://news.bitcoin.com/