UFX Loses Legal Case Linked to Craig Wright
UFX Loses Legal Case Linked to Craig Wright

Ramona Ang Sues Trading Platform Successfully

In recently released court documents, it has become apparent that Craig Wright's wife, Ramona Ang has sued a popular trading platform UFX. Apparently, Ang registered with a few CFD trading platforms while in the U.K. and traded on the value of Bitcoin and other cryptocurrencies. This was done by assumingly hiding the fact that she was married to the self-declared "Satoshi Nakamoto".

Conflict of Interest

Ang managed to quickly turn $200,000 to $700,000 at which point her account was frozen. When she requested that the funds be withdrawn, she was denied. UFX claimed that she did not disclose that her husband was Craig Wright, who is a big player in the world of cryptocurrencies. The fact that he most likely owns massive amounts of Bitcoin can manipulate the markets and therefor Ang is not an ordinary client. UFX claimed that she did not properly comply with KYC & AML practices, hence all funds are forfeit.

Court Rulings

The U.K. court sided with Ang in this case. The court will proceed with the case and she can make claims for compensation on her deposit & profits.

"For the reasons given above, Ms Ang having contracted with Reliantco as a consumer within Article 17 of Brussels (Recast), and it being common ground that Reliantco has no basis, in that case, for challenging jurisdiction over any of the claims Ms Ang has pleaded, this application fails and is dismissed."

There were a few other things of interest in the court documents:

1)     The Kleiman - Wright court case in Florida was referenced.

"Mr Wright is reputed to have amassed a huge Bitcoin cache himself through early involvement in Bitcoin mining. He is the defendant in a claim in the US District Court for the Southern District of Florida concerning that reputed cache brought by the estate of Dave Kleiman, a computer science collaborator of Mr Wright's in Florida who died in 2013."

2)     They have brought up the fact that Wright has declared himself Satoshi Nakamoto

"He is the same Craig Wright who has identified himself publicly as being 'Satoshi Nakamoto', the online pseudonym associated with the inventor (or a co-inventor) of Bitcoin. I do not need to consider whether that claim is true, and on the evidence for this application I would not be in any position to do so."

Developments at UFX

Since the court case, UFX has made a lot of internal changes. Most notably they have removed all Bitcoin and cryptocurrency trading on the platform. When reached out for a comment, they had this to say:

"Due to an internal decision by the company, we have decided to change our product offering and stop with Crypto-Currency trading. This decision might change in the future, though currently there is no concrete information I can provide you with. Our company still offers a wide range of assets you can trade with."



Written by Jonathan Ganor

Writer & cryptocurrency aficionado

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