Islamic Coin vs Gate.io: Is Legal Battle for Justice & Reputation or Swift Solution with BitGet?
Islamic Coin (ISLM) is a Shariah-compliant cryptocurrency that aims to empower the world’s Muslim community with a financial instrument for the digital age. It is the native currency of HAQQ Network, an ethics-first, scalable and interoperable blockchain built on Proof-of-Stake with fast finality.
On December 15, 2023, Islamic Coin announced its listing on Gate.io, one of the leading cryptocurrency exchanges with over 1,700 cryptocurrencies and stablecoins. However, the listing was soon marred by controversy and conflict, as Gate.io suspended $ISLM listing without prior notice. Gate.io seems to act hastily and falls victim to baseless Islamophobic attacks on Islamic Coin by a publication that released false and slanderous articles about the project, without contacting them for comment or verification.
Islamic Coin Core Team has tried to communicate with Gate.io to resolve the issue and to uphold their commitments, and they have not received any satisfactory response or explanation from them. Both Islamic Coin Core Team and the community are deeply frustrated and saddened by Gate.io unprofessional and unethical behavior. They are considering taking legal action against them if they do not honor their agreement.
Islamic Coin is confident that they will overcome this challenge and will emerge stronger and more successful than ever. They are also working hard to secure more listings and partnerships with reputable and reliable platforms and organizations, and to deliver more updates and developments for their project, such as the launch of their mainnet, their governance system, and their DeFi platform.
Possible Legal Solutions
In order to win the defamation case and get a chance to be listed on Gate.io, Islamic Coin may consider the following legal solutions:
- Seek an injunction to stop Gate.io from further breaching the listing agreement and to compel them to list Islamic Coin as agreed. An injunction is a court order that requires a party to do or refrain from doing something. Islamic Coin may argue that they have a valid and enforceable contract with Gate.io, and that Gate.io has breached the contract by not upholding the terms and conditions without consent of all parties involved. Islamic Coin may also claim that they have suffered or will suffer irreparable harm if Gate.io does not list them, such as loss of reputation, market opportunity, and community trust.
- Seek damages to compensate for the losses and harms caused by Gate.io’s breach of contract and defamation. Damages are monetary awards that aim to restore the injured party to the position they would have been in if the breach or defamation did not occur. Islamic Coin may claim that they have incurred or will incur various losses and harms due to Gate.io’s actions, such as loss of income, profit, goodwill, and reputation.
- Seek a public apology and retraction from Gate.io and the publication that defamed them. A public apology and retraction is a statement that acknowledges the wrongdoing and expresses regret and remorse. Islamic Coin may request that Gate.io and the publication issue a public apology and retraction to clear their name and reputation, and to restore their credibility and dignity. Islamic Coin may also request that Gate.io and the publication remove or delete any defamatory statements or materials from their platforms or publications.
Although these are some of the possible legal solutions that Islamic Coin may pursue to win the defamation case and get a chance to be listed on Gate.io. I honestly think Islamic Coin should also weigh the costs and benefits of pursuing legal action, and consider other alternatives such as negotiation, mediation, or arbitration. Islamic Coin should act swiftly and diligently to protect their rights and interests, and to seek justice and reputation.
Alternative Listing on BitGet
Undeniably, the frustration embodied in the IslamicCoin community is very much understandable. For this reason, it is of utmost urgency for the Core Team to cater a swift solution. A part from taking legal course against the defamatory publication, I would prefer a friendlier solution with Gate.io for future event as they are as much victim as Islamic Coin itself.
Instead of losing too much time and energy from this frustration, I would prefer the Core Team to channel their focus on next viable solution for the community. Hopefully this pitch can uplift a bit of positivity before year end: Listing on BitGet. Here’s why:
- Wide Reach: BitGet has a user base of over 20 million and supports almost 550 cryptocurrencies on Spot Trading alone and operates on over 168 countries and regions. Listing $ISLM on BitGet could provide access to a large and diverse group of potential investors.
- Variety of Services: BitGet offers a range of services such as spot trading and unique copy trading feature. This variety can attract different types of traders and investors to $ISLM.
- Security: BitGet values security and customer protection. It has a Protection Fund currently valued at US$390 million to cover any potential losses from cybersecurity threats. This commitment to security can give $ISLM holders peace of mind.
- Low Fees: BitGet has competitive trading fees. For spot trading, both maker and taker fees are only 0.1%. Users can also get a 20% discount by holding the BGB token. These low fees can make trading $ISLM more attractive to users.
Let’s talk about its Proof of Reserves. BitGet guarantees it will hold 100% of users’ assets in reserves and will publish its Merkle Tree proof, platform reserves, and platform reserve ratio on a monthly basis which can be found here. Here’s a quick overview of latest reserves status:
BitGet Web3 Ecosystem: A Comprehensive Overview
BitGet is a leading player in the Web3 ecosystem, offering a suite of services that cater to the diverse needs of the crypto community. This is a quick overview of BitGet Web3 ecosystem, including BitGet Wallet, BitGet Swap, BitGet NFT, and its wallet and dApp functionalities.
BitGet Wallet
BitGet Wallet is a multi-chain ecosystem that supports fast, secure, and convenient trading of various cryptocurrencies. It is compatible with over 90+ public chains and offers a seamless user experience. The wallet is available for download on iOS, Android, and Google Chrome. Feasibility of it to support HAQQ Network is very high clear as sky.
BitGet Wallet prioritizes security covered by its Protection Fund and collaborating with leading security companies to ensure the security of assets for its users. It supports hardware wallets and offers authorization, smart contracts, and dApp verification to enhance accessibility and transaction security.
BitGet Swap
BitGet Swap is an intelligent DEX aggregation platform that offers instant token exchange, accurate market information, and flexible trading. It supports over 250,000 cryptocurrencies and tokens across multichains, aggregated from the most popular DEXs in crypto backed with $8 billion total swap trading volume.
BitGet Swap provides a seamless trading experience with high liquidity and low slippage, enabling users to exchange crypto anytime, anywhere, including cross-chain transactions. It also automatically converts any stablecoin balance in your account into gas fees you need to pay for the transaction.
BitGet NFT
BitGet NFT is a one-stop NFT trading platform that supports the most complete public chain and allows purchases in any currency with lowest gas. It offers a robust NFT marketplace where users can aggregate NFT collections from popular marketplaces, list NFTs with a single click, and buy NFTs using their favorite tokens.
Wallet and dApp
BitGet Wallet supports over 20,000+ dApps, allowing users to access and use these dApps directly through the wallet. The wallet classifies dApps by main chain, application type, popularity, etc., making it easier for users to search for dApps that meet their needs.
In conclusion, BitGet’s Exchange and its Web3 ecosystem offers a comprehensive range of services, from crypto trading to NFT marketplace, making it a one-stop solution for all crypto needs. HaqqEx can surely workout something good together or using it as good exchange model for future implementation.
