We refer to the Straits Times article on 31st July regarding a court cased filed by B2C2: We believe B2C2's claims against QUOINE are completely without merit. We take all complaints seriously, including court cases, and will vigorously defend ourselves in the court proceedings.
This dispute concerns certain orders which were placed by B2C2 on QUOINE’s exchange (known as “QUOINEX”). These were orders to sell a certain amount of Ethereum for Bitcoin.
The orders were filled in a series of trades which were inadvertently executed by QUOINEX at abnormally high prices (~10 BTC for 1 ETH). which did not reflect the prevailing market prices of Ethereum and Bitcoin at the material time in April 2017. This occurred because of a technical glitch which affected the exchange on the day that the trades were done.
Accordingly, we proceeded to reverse / cancel the trades and the affected parties were duly informed. However, B2C2 is now claiming that we acted wrongfully in reversing the trades, a claim which we do not agree with. B2C2 has, therefore, commenced proceedings against QUOINE in the Singapore High Court. In these proceedings, B2C2 is seeking, amongst other things, an order that QUOINE pays B2C2 the proceeds that it initially received from the trades which have been reversed.
As the proceedings are ongoing and still being heard in the Singapore High Court, we are not at liberty to comment further on the case until the matter has been resolved by the Court.
In the meantime, we wish to reassure our customers that QUOINE remains fully committed to providing its services in accordance with all applicable laws, rules and regulations.