In the first Singaporean legal dispute involving BTC, Singapore-registered cryptocurrency exchange Quoine has been found to have wrongfully reversed seven trades placed by market maker B2C2 during April 2017. The ruling has been made following four months of proceedings.
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Quoine Held Liable for Reversing Trades Selling 309 ETH Priced at 10 BTC Each
The Singapore International Commercial Court has found Quoine to be liable for a breach of contract and breach of trust for unilaterally reversing orders placed nearly two years ago by United Kingdom-based market maker B2C2.
On April 19, 2017, B2C2 placed 12,617 ETH/BTC orders, only 15 of which were filled, including the seven orders that are the subject of the dispute with Quoine. The disputed trades comprised orders to sell 309.25 ETH for BTC at between 9.99999 BTC and 10 BTC each. With the exception of the disputed trades, all other orders were executed at a price of approximately 0.04 BTC per ETH. On April 20, 2017, the…