The first cryptocurrency-related court case in Singapore involving electronic market liquidity provider, B2C2 and crypto exchange, Quoine is nearing its conclusion.
According to a report by Business Times, the Singapore International Commercial Court (SICC) on Thursday ruled that Quoine is guilty as charged for reversing seven trades worth 3085 BTC ($11.9 million) submitted by B2C2 in April 2017.
While B2C2 placed the seven orders to sell 10 BTC for 1 ETH (approximately $12,000 then), Quoine canceled the trade the following day, citing technical difficulties and temporary liquidity issues on their platform.
The Quoine exchange claimed that during the time B2C2 placed the trades, their exchange’s trading platform could not access external market prices, resulting in a temporary pause of new order placements including B2C2’s.
Now, the court ruling blames Quoine for not notifying B2C2 before canceling the trades, meaning the exchange would have to refund B2C2 the exact sum of the reversed trades.
As a way of extending mercy, the court admits that asking Quoine to pay back that amount of Bitcoin based on the current market value of $3900/BTC (prices then were roughly $1200) would result in substantial hardship to the exchange.
For that reason, the court demanded that B2C2 received compensation to the tune of any amount it agrees with Quoine. In the case that the warring parties fail to find a common compensation price, “the court will assess damages at a subsequent hearing.”
Meanwhile, Quoine’s CEO Mike Kamoyori expressed dissatisfaction with the ruling saying in the report that they “are reviewing the judgment and considering our options, including the possibility of an appeal."
In a similar development earlier this week, we reported that 1Pool, a Marshall Island-based securities dealer was asked by the U.S SEC to return roughly $990,000 for illegal BTC transactions.
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