Back in 2017, Singapore had its first crypto-related dispute involving crypto exchange platform Quoine and London crypto liquidity provider, B2C2. Recently, Singapore Court of Appeals has ruled against crypto exchange Quione, for wrongfully reversing seven Bitcoin trades.
The dispute was initiated when seven crypto trades were placed by B2C2’s software which involved the selling of Ethereum at a rate of 10 Bitcoins to one Ethereum, around 250 times higher than the market rate of about 0.04 BTC to 1 ETH back in April 2017.
Quoine learned about the trades the next day and promptly reversed all seven trades. The plaintiff, B2C2 has accused the exchange of breach of contract and breach of trust and moved to court to recover the involved 3,092 Bitcoin.
The exchange platform, Quoine, had then appealed for the reversal to be deemed the right move, claiming the seven trades were a mistake. However, the Singapore International Commercial Court (SICC) has found the exchange guilty.
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Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.