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.
B2C2 founder Maxime Boonen at the Supreme Court, on Nov 21, 2018. ST PHOTO: KHALID BABA

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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