Genius Group, based in Singapore, switched to a Bitcoin standard not long ago. The judge is now standing for that, because in a case in the United States it was decided to impose a temporary ban on buying Bitcoin.
Why can’t Genius Group buy Bitcoin?
Fatbrain Ai and Genius Group completed a merger and purchase agreement in March 2024, but in October of that year Genius decided to start an arbitration procedure to cancel the deal because of Fatbrain AI drivers.
Roger James Hamilton, CEO of Genius Group, says in the tweet above that they do not give up, despite the judge’s ruling.
“We will continue to fight. Fraudists will lose. Market manipulators will lose. Bitcoin will win,” said Hamilton about the conflict in which he and his Genius Group are currently.
As a result of the lawsuit, Genius Group was already forced to close divisions, to stop marketing activities and sell 10 bitcoin from its total stock of 440 pieces. Future sales To keep the operation running are no longer excluded.
Future Bitcoin sales not excluded
“Genius does everything to sell as little bitcoin as possible, but expects it to further reduce the Bitcoin Treasury in the coming months,” the company said.
Shareholders of Fatbrain AI have now filed two lawsuits against directors of the company because of the violation of federal securities legislation in relation to the merger.
Genius Group also shares that the Singaporean laws breaks by stopping share compensations for employees.
“We never dared to dream that it was possible for an American judge to prohibit the company to spend shares, pick up capital or buy Bitcoin. These are all actions that are normally determined by shareholders or a board, and not by a judge,” said Genius Group CEO Roger James Hamilton.
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Source: https://newsbit.nl/genius-group-mag-van-de-rechter-geen-bitcoin-meer-kopen/
