Quoine exchange ruled liable for reversing B2C2’s transactions

The Singapore International Commercial Court (SICC) has ruled crypto exchange Quoine wrongfully reversed seven transactions in 2017, Business Times reports. According to the ruling of Singapore’s first trial involving bitcoin, the unilateral reversal of B2C2’s trades was a breach of contract and a breach of trust.

The exchange argued that due to technical difficulties it had problems with liquidity and thus the orders made by B2C2. For that reason, it reversed the sales at a rate of 10 bitcoins for one ethereum.

B2C2 wished to recover approximately 3,085 bitcoin from Quoine. Although SICC sided with B2C2, it ordered to transfer the bitcoin at today’s value—and not April 2017’s—arguing it would “result in substantial hardship to Quoine.”

Quoine and B2C2 have been given time to come to an agreement regarding the compensation. Upon the failure to do so, the court will assess the damage. Quoine, unsatisfied with the ruling, is considering “the possibility of an appeal."