On April 30, A lawsuit that Alibaba Group Holding, filed a case in the US District Court in Manhattan. where it accuses a Dubai-based company of using its trademark, was rejected. The court Permitted to conduct an initial offer of currency (ICO) under the name of “Alibabacoin”.
Court Ruled in Favour of Alibabacoin
According to Reuters, District Judge Paul Oetken stated that Alibaba did not show that it had jurisdiction. Also, they failed to prove a reasonable likelihood and Alibabacoin will use its services in New York. The case was dismissed and dissolved a temporary restraining order that was issued on April 2 against Alibabacoin by District Judge Kimba Wood.
The Judge also explained, Alibaba is based in China. Any damage or perjury that Alibaba may have suffered for the alleged violation of its trademark is in China. not in the United States, so that the American authorities cannot fail where they have no jurisdiction.
Judge Oetken also stated that it does not matter that Alibabacoin may register its cryptocurrency at the exchange houses in the United States. Although he also stated that Alibaba deserved another opportunity. Alibaba needs to prove why this case may fall within the jurisdiction of Manhattan.
This case by Alibaba was registered at the beginning of last April. It said that its brand had been illegally used for the ICO of a cryptocurrency called Alibabacoin. which could cause confusion among potential investors, who might think that Alibaba is the company behind this ICO.
The Alibabacoin Foundation founder Jason Daniel Paul Philip has successfully completed the ICO. Alibabacoin will be used to make payments in online stores using facial recognition.
