That's what I was thinking. In which case some of the banks liabilities (Opt-in assets) were sold to Qenta by EPB. Qenta bought those assets in theory. Clients implicitly agreed to the sale of their assets to Qenta by not opting out. The question is whether the assets that were moved to Qenta are segregated from Qenta's own assets? Basically are they held under financially regulated conditions in a custodial account arrangement and marked as liabilities to customer or were they just sent to Qenta's business account for them to do as they wish. i.e︀ take out loans, encumber the funds, spend or transfer et.
Basically if your an opt-in︁ client and don't have any agreement in writing over what you agreed to when your︂ assets were moved to Qenta then your in a weak legal position to do anything︃ if something goes wrong now. The status of the funds may no longer be liabilities︄ of Qenta but now assets where you have no legal claim whatsoever. It would be︅ like me going to a bank and telling 1,000 customers of the bank to transfer︆ their money to my XYZ Cayman Ltd business account and I will offer you the︇ ability to withdraw the funds at a later date on a new platform. You basically︈ agreed to send me funds with no legal protection in form of confirming the funds︉ will be held in a segregated custodial account similar to how EMI's and brokers etc︊ have to hold customer funds.
Also I don't think if Qenta is paying $1.25m in︋ total for opt-in accounts that your gonna be able to withdraw funds from them easily︌ without them recovering the $1.25m they will have spent buying those accounts.
P.S It needs︍ to be confirmed if Qenta is paying $1.25m for the Opt-in client accounts. And PS︎ would be able to answer this. But for those that opted for Qenta hope for️ the best and put aside worst case scenarios for now like I mentioned above. But I think it will be extremely difficult to get all your money back out of Qenta if your opted in.
Basically if your an opt-in︁ client and don't have any agreement in writing over what you agreed to when your︂ assets were moved to Qenta then your in a weak legal position to do anything︃ if something goes wrong now. The status of the funds may no longer be liabilities︄ of Qenta but now assets where you have no legal claim whatsoever. It would be︅ like me going to a bank and telling 1,000 customers of the bank to transfer︆ their money to my XYZ Cayman Ltd business account and I will offer you the︇ ability to withdraw the funds at a later date on a new platform. You basically︈ agreed to send me funds with no legal protection in form of confirming the funds︉ will be held in a segregated custodial account similar to how EMI's and brokers etc︊ have to hold customer funds.
Also I don't think if Qenta is paying $1.25m in︋ total for opt-in accounts that your gonna be able to withdraw funds from them easily︌ without them recovering the $1.25m they will have spent buying those accounts.
P.S It needs︍ to be confirmed if Qenta is paying $1.25m for the Opt-in client accounts. And PS︎ would be able to answer this. But for those that opted for Qenta hope for️ the best and put aside worst case scenarios for now like I mentioned above. But I think it will be extremely difficult to get all your money back out of Qenta if your opted in.
