Singapore’s first cryptocurrency trial over questionable trading practices began today as the market maker and liquidity provider B2C2 sues cryptocurrency exchange Quoine. The charge? B2C2 maintains that Quoine wrongfully reversed seven trades in April 2017 that lead to proceeds being deducted without B2C2’s authorization.
In the case unraveling in the Singapore International Commercial Court, B2C2 claims that the action taken by the exchange violated the two companies’ agreement terms, and the market maker seeks to recover some 3,085 bitcoins from Quoine. Although none was given, in today’s dollar price that translates into roughly $13 million.
According to Singapore’s Straits Times, in their opening statement, B2C2’s legal team alleged that Quoine had abused its role as the operator of the platform and that it had acted in “breach of trust” as B2C2’s custodian.