CoinLab files formal complaint in Federal Court against Mt. Gox

Last November Mt. Gox and CoinLab, a small US based Bitcoin exchange, entered into an agreement “to service the Bitcoin exchange market in a mutually beneficial manner”. According to CoinLab’s formal complaint, the agreement allowed CoinLab an exclusive license in North America to use Mt. Gox’s software in providing exchange services, in return CoinLab would provide the Japan based Mt. Gox with access to its US banking relationships.

CoinLab alleges that Mt. Gox failed to uphold their end of the bargain and is requesting damages for breach of contract.

A copy of the complaint can be read here.

CoinLab’s statement via their website can be read here.

And Mt. Gox’s statement on the matter can be read here.

Both CoinLab’s founder Peter Vessenes and Mt. Gox CEO Mark Karpeles are board members of the Bitcoin Foundation.

The foundation released this statement on the matter…

The complaint of May 2nd, 2013, is between Mt Gox and CoinLab Inc., and does not involve the Bitcoin Foundation.  The Foundation exists to serve the best interests of Bitcoin and not the best interests of individual board members.  If the best interests of Bitcoin are not being served or if the mission to standardize the protocol and protect and promote Bitcoin is in jeopardy, then the board is prepared to take thoughtful action to ameliorate.

Bitcoin is not only relevant within a single jurisdiction, but its reach is global. With strong and growing support from many countries around the world, the Bitcoin Foundation is acutely aware of its global mission.”

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