First Singapore trial involving bitcoin starts

B2C2 co-founder Maxime Boonen (centre), with his lawyers at the court yesterday. The electronic market maker is suing cryptocurrency exchange operator Quoine over a "unilateral reversal" of orders on its platform.
B2C2 co-founder Maxime Boonen (centre), with his lawyers at the court yesterday. The electronic market maker is suing cryptocurrency exchange operator Quoine over a "unilateral reversal" of orders on its platform.ST PHOTO: KHALID BABA

Court expected to rule if number of trades in April last year were wrongfully reversed

The trial for Singapore's first legal dispute involving the cryptocurrency bitcoin started yesterday, with a court expected to decide whether a number of trades done in April last year had been wrongfully reversed - leading to proceeds being deducted without authorisation.

In the case being heard in the Singapore International Commercial Court, electronic market maker B2C2 is suing cryptocurrency exchange operator Quoine over a "unilateral reversal" of seven orders on its platform. A market maker buys and sells financial instruments, hoping to profit on the bid-offer spreads.

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A version of this article appeared in the print edition of The Straits Times on November 22, 2018, with the headline 'First S'pore trial involving bitcoin starts'. Print Edition | Subscribe