First Singapore trial involving bitcoin starts

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

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

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'. Subscribe