Singapore International Commercial Court (SICC) has refused summary judgement, sending litigants B2C2 and Quoine to trial in order to sort out the gory details involving $36 million (at press time) of bitcoin. It’s a case bound to be watched around the world, as cryptocurrency begins to enter mainstream business life and establish legal precedence.
A First for Singapore
The Straits Times’ Grace Leong reports “Electronic market maker B2C2 sued bitcoin exchange operator Quoine in July over trades that were allegedly wrongfully reversed, which resulted in the proceeds being deducted.”
B2C2, a London-based company, claims “Financial institutions and large volume traders trust B2C2 for seamless cryptocurrency trading, with plug-and-play connectivity, short selling, and post-trade settlement.” Quoine, which has bureaus in Singapore, Japan, and Vietnam, bills itself as “a leading fintech company that provides trading, exchange, and next generation financial services powered by blockchain technology.”
The two reportedly are battling over B2C2’s attempt “to recover 3,084.78582325 bitcoins from Quoine, alleging Quoine’s breach of trust ‘deprived it of the opportunity to sell the proceeds on the date of their highest intermediate value,’” Ms. Leong details.
Proceeds were near $4 million in bitcoin at the time, but thanks to the price skyrocketing, stakes are approaching ten-fold higher. No doubt sensing the complexity of cryptocurrencies, Judge Simon Thorley refused to pass Read More Here