Quoine Found Guilty for Reversing B2C2's Deals

Quoine exchange cancelled B2C2 transactions worth 3085 BTC due to the fact its ETH to BTC exchange rate was 125 times higher than average
15 March 2019   352

The Singapore International Court of Commerce has found Quoine guilty of canceling B2C2 liquidity provider transactions in the amount of 3,085 BTC. It is reported by The Business Times.

According to the court, having canceled the transactions concluded by B2C2 on the “uncharacteristic” rate in April 2017, Quoine “violated the terms of the contract and did not comply with its obligations”.

B2C2 created seven orders for the sale of Ethereum with 10 bitcoins per unit, which was 125 times higher than the exchange rate set at that time.

The funds received were automatically credited to the B2C2 exchange account, and 308 ETH - was withdrawn. The next day, Quoine rejected the deal, and the balances on the accounts were set at the values ​​before they were concluded.

B2C2 through court demanded to recover 3085 BTC from Quoine, because under the terms of the contract the exchange “had no right to unilaterally cancel the transaction after their conclusion”.

However, the court, having recognized the exchange as guilty, did not agree with the amount of compensation, taking into account the “substantially increased” rate of Bitcoin from the moment of filing the claim. Its size will be determined at the time of the next hearing.

Note that at the time of the transaction 3085 BTC amounted to $ 3.7 million, at the current exchange rate this amount would be almost $ 12 million.

Quoine representatives did not rule out that they would appeal this judgment.

Bitfinex to Unveil Tokinex IEO Platform

Information on first campaign will be available this Thursday, May 23rd
21 May 2019   113

Bitfinex cryptocurrency exchange announced the launch of an IEO platform called Tokinex.

The Bitfinex blog reports that information on the first IEO on the new platform will appear already this Thursday, May 23rd. The very same initial exchange offer will take place on June 13.

What it means to be an exchange has evolved to become an entire ecosystem, not just limited to the remit of trading digital assets. We are proud to finally launch Tokinex and bring the opportunity for participation in quality token sales in a fair environment.
 

Bitfinex Team

To participate in IEO on Tokinex, users of the exchange will have to undergo KYC identification using the Blockpass mobile app. After that, investors will be able to transfer funds from the exchange to the account for the purchase of new coins on the eve of the tokensale.

According to The Block, Bitfinex plans to hold approximately two IEOs per month. In the commentary on the publication's tweet, the representatives of the exchange specified that the new platform would not charge for listing.

Earlier, Bitfinex managed to attract $ 1 billion in private IEO. The LEO token started trading yesterday, May 20.