Singapore's first bitcoin trial begins, with dispute on trades allegedly reversed wrongfully

B2C2 founder Maxime Boonen at the Supreme Court, on Nov 21, 2018. ST PHOTO: KHALID BABA
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SINGAPORE - The trial for Singapore's first legal dispute involving the cryptocurrency bitcoin started on Wednesday (Nov 21), with a court expected to decide whether a number of trades done in April last year had been wrongfully reversed - leading to proceeds 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 trades on its platform. A market maker buys and sells financial instruments, hoping to make a profit on the bid-offer spreads.

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