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Funds in AU Account frozen over an alledged linked overseas account ?
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Guest presto,
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10/06/21 10:53
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The cryptocurrency industry has grown rapidly in recent years, with the total market capitalization now exceeding $500 billion. However, the industry still faces a number of challenges, including security and on-chain efficiency which is one of the biggest challenges in the cryptocurrency industry, because in recent years, there have been a number of high-profile hacks of cryptocurrency exchanges & wallets, and traders are faced with high cost of on-chain transactions. All of which summed up to make cryptocurrency trading less efficient. In order to address these issues, exchanges are seen taking up the responsibility of solving the problems and I've seen Bitget, a leading cryptocurrency derivatives exchange, recently partnering with Cobo, a leading provider of digital asset custody and security solutions. This partnership is aimed at enhancing the security and efficiency of cryptocurrency trading, which will allow users to seamlessly execute cross-exchange transactions, enabling users to capitalise on arbitrage opportunities without having to deposit their funds directly on exchanges. This could significantly reduce on-chain transaction gas costs and make crypto investments more efficient and cost-effective. Developments like this, if it could be capitalised on would take away bad players from the industry, make crypto a safe place and increase its adoption, but how wide would it cover for the whole users in the crypto space and even Bitcoin? -
By tradinglounge · Posted
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By Maxicreed01 · Posted
I think bitget will be the obvious option cos binance that use to be a good option isn't finding it rosy atm with regulatory bodies and speculations around the health of the exchange aren't friendly to feel safe with them atm
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Question
Guest presto
IG recently claimed that my account here with IG Australia is somehow linked to an account which trades with IG Singapore. As there is an outstanding debt that IG Singapore failed to recover from the Singapore account, they freeze the funds of my account here with IG Australia and will transfer my fund to the Singapore account to offset the outstanding balance. IG Australia claimed that they can do this because there is a clause in the terms and conditions which I signed and agreed to when I opened the account.
Could such a clause be valid from a legal standpoint or enforceable in Australia when IG Australia and IG Singapore are 2 different legal entities based in different jurisdictions? This is simply unheard of. I also thought our fund is held in a trust account, that should prevent IG from withholding our fund or using our funds in any way without our consent or approval.
Any thoughts or advice ?
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