The US Court judge in Manhattan ruled against the lawsuit brought by Alibaba - one of China's largest retail companies - to a company in Dubai that used his name to launch an ICO.
According to the report, Judge Paul Oetken did not accept what was raised by Alibaba against ICO Alibabacoin, due to the lack of clear evidence on whether he had established businesses in New York using his web services. In addition, the retailer explained that the cryptocurrency could create confusion in the market and violated the laws of the federal state.
For its part, the lawsuit was introduced at the beginning of April and in it Judge Kimba Wood ruled in favor of issuing a restraining order to the company in Dubai, an order that was annulled following the pronouncement of Judge Oetken.
Oetken emphasized that it did not matter if Alibabacoin enlisted its cryptocurrency in the US exchanges and that if Alibaba suffered any damage to its business or if it lost its reputation, it probably happened in Chinese territory.
Despite the announcement, the judge declared that Alibaba deserved another opportunity to present concrete evidence if the case fell within the jurisdiction of Manhattan.
It should be noted that the ABBC Foundation, the company behind the launch of the controversial ICO, has already completed the planned collection with its cryptocurrency, which will be used to create a platform that allows online payments with facial recognition technology.
The ABBC Foundation added that its main objective is to use:
The new ABBC blockchain technology will use effective artificial intelligence techniques to recognize images more reliably to identify people as accurately as possible, and will use this technique for the payment structure of electronic wallets and financial transactions.
Recall that the government of China has incurred more stringent regulations towards businesses with cryptocurrencies and ICOs since the beginning of the year, due to the increasing rate of crimes associated with them.
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