The Singapore Court of Appeals has ruled against digital asset exchange Quoine. It ruled that the exchange platform must pay damages to electronic market maker B2C2 because it is guilty of a contract and trust breach.
The ruling was made recently when the court turned down Quoine’s position on seven orders it had cancelled, which were initiated by BC2C. According to the court, Quoine was not entitled to cancel the orders and must pay damages. The orders were to sell Ethereum (ETH) for Bitcoin (BTC).
According to Quoine, B2C2 placed the orders at 10 BTC for 1 ETH. The exchange said that the orders were placed at 250 times the market value at the time. It also said that B2C2 knew that this was a mistake, probably prompting the cancellation.
B2C2 has now won what is widely reported as Singapore’s first major cryptocurrency case. Four out of the five Court of Appeals judges unanimously dismissed Quoine’s case as they decided that there wasn’t any mistake and the exchange should not have cancelled B2C2’s orders.
Before now, the Singapore International Commercial Court (SICC) had also ruled in favour of B2C2 but did not agree on a figure.
Last month, Kryptomoney reported that Singapore introduced a new Payment Services Act to regulate crypto exchanges.
Image Credits: Pixabay
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