Singapore Exchange Won $44 Million Bitcoin Dispute

The UK based market maker B2C2 attempted to reclaim 3,092 bitcoin from the Quoine cryptocurrency exchange
29 December 2017   324

The Singapore International Commercial Court ruled today to dismiss a lawsuit where the UK based market maker B2C2 attempted to reclaim 3,092 bitcoin from the Quoine cryptocurrency exchange.

According to the court document, the International Judge Simon Thorley ruled in favor of Quoine as he agreed that B2C2 knowingly took advantage of a problem on the platform while Quoine’s term of agreement preserves its right to reverse such trades.

We have reported that B2C2 managed to capture what Quoine called «a technical glitch» in April and sold 309 ether for 3,092 bitcoin, creating a profit of $3.7 million. Yet, bitcoin, priced at $1,226 at the time, was worth around 25 times more than the ether token.

Quoine soon reversed the trade without informing B2C2 citing that the market maker’s conduct violated the fairness of the market, which subsequently led to B2C2’s lawsuit in trying to reclaim the 3,092 bitcoin.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   75

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.