Quoine, the digital currency exchange operator has been<a href="https://www.straitstimes.com/singapore/courts-crime/cryptocurrency-exchange-operator-ruled-in-breach-of-contract"> ordered</a> by the Court of Appeal to pay the number of damages mistakenly done by reversing several transactions on its platform.

Furthermore, the court dismissed Quoine’s arguments that it has the right to cancel the orders placed by<a href="https://www.cryptoknowmics.com/crypto/b2c2-partnership-to-provide-new-source-of-liquidity-to-market-participants/"> B2C2</a> unilaterally and ruled it to pay the expense of damages as it was a mistake.

The exchange further argued to the court that B2C2 knew about the mistake while the parties who transacted with it thought the trades were at market price.

It was the first legal dispute involving crypto that happened in<a href="https://www.cryptoknowmics.com/crypto/binance-applies-for-operating-license-in-singapore/"> Singapore</a>. It also brings up the question of how the legal concept of mistake should be applied when the contracts are created without human involvement and only by computerised trading systems.

It is yet to be decided by the court that how much damages Quoine need to pay. Both companies work in association using complex systems to set buy and sell orders on Quoine’s platform. While Quoine’s software generates orders by retrieving price information from other<a href="https://www.cryptoknowmics.com/crypto/csa-prepared-new-guidance-for-cryptocurrency-exchanges/"> currency exchanges</a>, B2C2 calculates a suitable price for buying and selling by evaluating the top 20 market prices.
<h2>Quoine Breached Both Contract And Trust</h2>
B2C2’s software has a foolproof deep price of 10 BTC to 1 ETH, which only occurs due to insufficient market data. When in 2017, Quoine’s software stopped creating new orders since it made it unable to access external data which eventually led to the deep price in B2C2 software.

Last year in March, the Singapore International Commercial<a href="https://www.cryptoknowmics.com/crypto/qatari-business-magnate-takes-facebook-to-court-for-defamation/"> Court</a> found out about the breach of both trust and contract by Quoine. After which the crypto exchange appealed before a five-judge panel.

The majority of the Judge panel that includes Judges of Appeal, International Judge, Robert French and Chief Justice Sundaresh Menon rejected the firm’s appeal.

The group believed that from the point of programming up to creating the<a href="https://www.cryptoknowmics.com/crypto/defi-lending-protocol-bzx-halts-fulcrum-trading-platform-amid-contract-exploitation/"> contract</a>, it is the programmer’s knowledge as well in the context of computerised contracts.

Crypto Exchange Quoine Will Pay For Damages, Rules Singapore Court

The Court of Appeal has ruled in a landmark case that Quoine must pay damages for wrongfully reversing several transactions on its platform.

Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.

Crypto Exchange Quoine Will Pay For Damages, Rules Singapore Court

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