Bitcoin IRA Wins Key Legal Battle Against Kingdom Trust
A South Dakota federal Judge ruled against Kingdom Trust in an ongoing lawsuit with Bitcoin IRA and has granted immediate injunctive relief providing protection for its clients.
LOS ANGELES, Nov. 14, 2019 /PRNewswire/ -- Bitcoin IRA, the world's first, largest and most secure digital asset IRA technology company that allows clients to purchase cryptocurrencies for their retirement accounts, today announced that a federal Judge in South Dakota District Court entered an order against Kingdom Trust Company, granting Bitcoin IRA's request for emergency injunctive relief that in large part was sought for the protection of its clients.
The federal Judge recognized the need to protect Bitcoin IRA's clients and their ability to use its technology platform as she stated in the ruling that "Kingdom Trust unilaterally terminated customers' access to their own account data on Bitcoin IRA's website, and it has not shown that the interference is justified."
As a result of the ruling Kingdom Trust must:
- Fully restore data access to all affected Bitcoin IRA clients
- Reinstate Bitcoin IRA's ADR status as your chosen Account Designated Representative
The official order from the federal court Judge reads as follows:
"Kingdom Trust is ordered to fully restore to the condition and functionality existing prior to August 21, 2019, Alternative IRA Services LLC's (Bitcoin IRA) access to account holder data of the accounts to which Bitcoin IRA is the account designated representative by the account holder, and account holder access to Bitcoin IRA's online platform, thereby allowing the account holders to once again self-direct their retirement accounts online 24 hours a day, 7 days a week."
Individuals can read the court's full order here.
Chris Kline, COO and co-founder of Bitcoin IRA responded to the ruling:
"This is a major win and aims to stop Kingdom Trust from holding our client's accounts hostage. Our clients and their digital assets are our top priority. We are thankful the court helped protect these critical interests and allow our clients to continue to utilize our best-in-class technology platform to buy and sell cryptocurrency for their self-directed IRAs."
The lawsuit has not kept Bitcoin IRA from developing all-new products. In the last few months, the company has launched several major initiatives and has many exciting new product launches coming up.
- Custodian partnership with BitGo Trust. BitGo Inc. processes 20% of all global Bitcoin transactions and has $2 billion in assets in wallet
- $100 million custody insurance from BitGo Trust
- Interest-earning program for cash and crypto assets
- Crypto swaps on their 24/7 self-trade platform
- Advanced Biometric Security (ABS)
Existing clients can upgrade their accounts to BitGo Trust at bitcoinira.com/upgrade and new clients can learn more about Bitcoin IRA's offerings at bitcoinira.com
ABOUT BITCOIN IRA
Bitcoin IRA, available at bitcoinira.com, is the world's first, largest and most secure digital asset IRA technology company that allows clients to purchase and sell cryptocurrencies and other digital assets for their retirement accounts.
The company provides the technology for self-directed retirement accounts which allows clients to set up a qualified digital asset IRA account, transfer funds from an existing IRA custodian, execute cryptocurrency trades in real-time 24/7 through a leading OTC liquidity partner and then move the funds into an industry-leading multi-signature digital wallet from BitGo, Inc.
Since 2016, Bitcoin IRA has processed over $350 million in investments, gained over 4,000 clients and received more than 550 5-star client reviews. The company has been featured extensively in the media, with coverage in Forbes magazine, CNBC, and The Wall Street Journal, among other publications.
Bitcoin IRA is a financial services technology provider and as such is not a financial adviser, cryptocurrency exchange, custodian, wallet provider, initial coin offering (ICO), or money transmitter. Bitcoin IRA is privately funded and based in Los Angeles.
Learn more about Bitcoin IRA at bitcoinira.com or call 877-936-7175.
SOURCE Bitcoin IRA
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