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Bitcoin [BTC]: Singapore Court finds Quoine liable for wrongfully reversing BTC trade in 2017

The field of cryptocurrencies has been affected significantly because of the ongoing bear market and that, in turn, has led many to question the entire model. The rise in issues has also caused many regulatory bodies and governments to step up and intervene in the process. The latest example is the Singapore International Commercial Court [SICC], which found that the operator of Quoine, a popular cryptocurrency exchange, wrongfully reversed seven trades from electronic market maker B2C2 in April 2017. The Court revealed that the Singapore-based exchange was guilty of a contract breach as well as a breach of trust. The court document said: “The plaintiff claimed that the defendant’s reversal of the trades was in breach of the Terms and Conditions which governed the trading relationship between the plaintiff and the defendant at the material time, and was thus a breach of contract.” The document further stated: “Further, the plaintiff also claimed that the defendant held the proceeds of its account on trust for it and that the unilateral withdrawal of the BTC which had been credited to its account was therefore in breach of trust.” Back in 2017, Quoine had initiated seven sell orders for Ethereum to Bitcoin transactions at the rate of 10 BTC for 1 ETH, which according to reports was 250 times more than the existing market rate. Once the transactions concluded, B2C2 received the proceedings of the seven orders that were reversed the next day by Quoine. The current legal proceedings come after a case was raised by B2C2 asking for the recovery of 3,092 BTC. With the current ruling, the court has not explicitly asked Quoine to return the BTC, following which the SICC stated: “The plaintiff’s remedy lay only in damages which, if not agreed, will be assessed at a subsequent hearing.” Post the judgment, Quoine’s CEO, Mike Kayamori, claimed that the exchange was going to review the judgment and consider the options to file for an appeal. The post Bitcoin [BTC]: Singapore Court finds Quoine liable for wrongfully reversing BTC trade in 2017 appeared first on AMBCrypto.

Quoine Found Liable for Wrongfully Reversing BTC Trades in Singaporean First

In the first Singaporean legal dispute involving BTC, Singapore-registered cryptocurrency exchange Quoine has been found to have wrongfully reversed seven trades placed by market maker B2C2 during April 2017. The ruling has been made following four months of proceedings. Also Read: Thailand Approves Country’s First ICO Portal Quoine Held Liable for Reversing Trades Selling 309 ETH Priced at 10 BTC Each The Singapore International Commercial Court has found Quoine to be liable for a breach of contract and breach of trust for unilaterally reversing orders placed nearly two years ago by United Kingdom-based market maker B2C2. On April 19, 2017, B2C2 placed 12,617 ETH/BTC orders, only 15 of which were filled, including the seven orders that are the subject of the dispute with Quoine. The disputed trades comprised orders to sell 309.25 ETH for BTC at between 9.99999 BTC and 10 BTC each. With the exception of the disputed trades, all other orders were executed at a price of approximately 0.04 BTC per ETH. On April 20, 2017, the trades were reversed, triggering B2C2 to take legal action against Quoine. The trial sought the recovery of roughly 3,085 BTC. While the Singapore International Commercial Court has ruled in favor of B2C2, Judge Simon Thorley did not order Quoine to transfer the 3,085 BTC in question due to bitcoin currently being priced “substantially higher” than in April 2017. The judge stated: “When the bitcoin were originally credited to its account, the B2C2 software immediately began to hedge the proceeds by selling bitcoin … Before the trades were reversed, B2C2’s systems had sold slightly under one-third of proceeds on nine different exchanges,” adding that ordering repayment to B2C2 “would cause substantial hardship to Quoine which any potential difficulty in assessing damages does not outweigh.” Quoine Argues B2C2’s Trades Were Executed as Result of Technical Glitch According to the Supreme Court of Singapore, Quoine claimed that after 23:30:00 on April 19, 2017, its platform experienced a “technical glitch” causing “the quoter program to cease working” and as such all orders on ETH/BTC “ceased to be available and no true market price was available.” Between 23:52:52 and 23:54:33 on April 19, 2017, while the quoter program was not functioning, B2C2 placed the seven disputed trades priced approximately 250 times higher than the then-average price of ETH. As a result of the quoter program being unable to “access all the data necessary to establish a true market price, it sought to do so by reference to … the data arising out of the plaintiff’s seven orders,” causing leveraged traders’ positions to be liquidated. With no other orders available, the program matched the liquidation orders with the plaintiff’s seven orders, resulting in nearly 3092.52 BTC being credited to B2C2’s account in exchange for 309.25 ETH. Do you agree with the judge’s ruling? Tell us why in the comments section below! Images courtesy of Shutterstock At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Quoine Found Liable for Wrongfully Reversing BTC Trades in Singaporean First appeared first on Bitcoin News.
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Quoine CEO Believes Bitcoin Will Reach New All-Time High in 2019

The CEO of the cryptocurrency exchange and financial company Quoine believes Bitcoin will reach a new all-time high in 2019. Since December 2017, Bitcoin lost around 80% of […] The post Quoine CEO Believes Bitcoin Will Reach New All-Time High in 2019 appeared first on UseTheBitcoin.
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Quoine CEO Predicts New Bitcoin All-Time High by the End of 2019

During an interview on Bloomberg TV on December 3, Mike Kayamori, the CEO of Japanese cryptocurrency exchange and fintech… The post Quoine CEO Predicts New Bitcoin All-Time High by the End of 2019 appeared first on Invest In Blockchain.
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Quoine CEO Expects New Bitcoin (BTC) All-Time High In 2019

Quoine Chief: Nobody Knows Where The Bitcoin Bottom Is Even after Bitcoin (BTC) posted a dismal performance in November, purportedly the asset’s worst month since April 2011, diehard believers in this nascent asset class have maintained their zealous faith. Tom Lee, for instance,  recently told CoinTelegraph that Bitcoin, Ethereum (ETH), and XRP all have “staying power,” before adding that he expects for 2019 to be a “very good” year for BTC. And interestingly, Lee isn’t alone in touting such sentiment. After recently interviewing Roger Ver, the chief executive officer at Bitcoin.com, Bloomberg sat down with a crypto industry CEO, Mike Kayamori, to gain further insight into the tumultuous crypto market. The anchor first mentioned BTC’s dismal performance, asking the industry insider if this is the long-predicted crypto market “flush out.” Kayamori, who heads Quoine, a “leading fintech company” centered around blockchain, first noted that while $4,000 was touted as THE technical bottom, BTC obviously fell right through that no holds barred. Echoing Ver’s thought process that the cryptocurrency market is unpredictable, the Quoine chief the noted that when it comes down to the nitty-gritty, like a prediction for a bottom, “nobody knows.” “That said,” he continued, “when you look at historical [trends] and how things are going [now], I think the bottom is near.” Kayamori’s comments regarding a bottom interestingly echo those made by Ronnie Moas, director at Standpoint Research, and ThinkMarkets chief analyst Naeem Aslam. The latter mentioned recently stated on the matter: Whenever there’s a [market] panic of this [size], it’s almost certain that we’re nearing a bottom… So we are very close to finding that Bitcoin bottom, wherever that bottom lies… Now is the point where you start preparing yourself to be in a position to participate [in crypto]. Kayamori, speaking on why he believes the BTC bottom is looming, drew attention to the Bitcoin Network’s rapidly dropping hashrate, noting that miners capitulating indicate that profitability “equilibrium” is near. He added that markets, driven by emotional traders, often over-shoot corrections and bull runs, with crypto presumably being no different. Kayamori Expects New Bitcoin All-Time High By EOY 2019 Interested by his comment, the Bloomberg TV host then asked the Quoine CEO about where he expects for prices to head in the near future. Kayamori, who evidently has a vested interest in the strong performance of cryptocurrencies, told the outlet that he originally expected for bitcoin to recover by 2018’s end, but then noted that this isn’t likely to occur. However, he went on to claim that as 2019 kicks into full gear, with the arrival of Bakkt, Fidelity Digital Asset Services, along with a multitude of other retail and institutional investor-focused products, BTC could begin moving drastically on “new momentum and sentiment.” Explaining why this could be this case, he drew attention to Japan’s local market, noting that local regulators, including the self-regulating JVCEA, have begun to open up the market to new players, adding that new assets listings could help push market movement. Concluding his interview, which painted a bullish picture for cryptocurrency market, Kayamori noted that by the end of 2019, bitcoin will “likely” surpass its all-time high at $20,000. At the time of writing, BTC has found itself at $3,755, down 4.0% in the past 24 hours after weeks of tumult and chaotic price action. Image Courtesy of Icons8 Team Via Unsplash The post Quoine CEO Expects New Bitcoin (BTC) All-Time High In 2019 appeared first on Ethereum World News.
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QUOINE CEO Believes Bitcoin Will Sky Rocket To All Time High BTC Prices In Next 12 Months

With the anniversary of Bitcoin’s most substantial price coming soon, analysts and other market experts are constantly predicting what the digital asset will do next. Mike Kayamori, the CEO of QUOINE, believes he knows exactly the pattern that Bitcoin is on, though he doesn’t see the trajectory mimicking last year’s spike until the end of 2019. Even then, rather than matching it, he believes that the price will “surpass” all former highs, based on a Bloomberg Markets: Asia interview today. Considering the damage done during the slump that impacted nearly every token, Kayamori believes that the new momentum won’t begin until 2018 ends. As he explained, he said that “there’s nothing new, no catalyst” that is happening anytime soon to be that cause of price increase. Even with many industry leaders calling the $4,000 price for Bitcoin the “technical bottom,” the coin didn’t keep that place, losing even more value. He commented, “That said, when you look at historical [patterns] and where things are going, I think the bottom is near.” He elaborated his point by bringing up the pressure that Bitcoin miners are facing, as some of them shut down their own operations to avoid any more loss than what they’ve already sustained. He said, “If there’s enough miners going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.” Kayamori believes it is the Japanese regulators that will drive this price spike, expecting that they will start approving new token listings and exchanges. The regulators recently became stricter with the $534 million worth of theft that happened at the beginning of this year with Coincheck, a Japanese exchange. Kayamori also brought up how many exchanges have almost met the requirements imposed upon them by the Financial Services Agency’s (FSA’s) business improvement orders. With this adherence, the restricted exchanges will hopefully be moving back into the crypto space. The exchanges and token listings for Japan are becoming the healthiest that they’ve ever been. Positively impacting compliance, asset segregation, and secure cold wallet storage, the crypto ecosystem in Japan is experiencing “consolidation,” which will only lead them into more lucrative and compliant performance. Japan was the “first global economic powerhouse” that took on the feat of regulating cryptocurrency, and their mission to regulate the industry will ultimately benefit investors and exchanges. They are even creating a new model to replace Initial Coin Offerings (ICOs) as a fundraising method, which will be called Security Token Offerings (STOs) instead. This could help to eliminate a major crowdfunding effort that has been plagued with multiple scams over the years. Along with all of these changes to the crypto industry of Japan, the local government is also working on reducing the risk of tax evasion from users that manage to turn a profit in their crypto transactions.
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CEO of Crypto Firm Quoine Says Bitcoin Will “Surpass” All-Time High by End of 2019

Over the past year, the cryptocurrency industry has bore witness to many claims from “experts” who said that the price of Bitcoin would skyrocket to never-before-seen prices by the end of 2018, with estimates ranging from conservative ones of $15,000, to more liberal ones of $50,000. Because the markets have failed to adhere to these estimates and are presently trading just a hair above their year-to-date lows, industry experts are now setting their sights for the end of 2019, with Mike Kayamori, the CEO of Quoine, telling Bloomberg that he expects Bitcoin’s price to surpass its all-time high of nearly $20,000 by the end of next year. November proved to be one of the worst months of 2018, with Bitcoin’s price falling to lows of $3,800, from which it has stabilized around its current price of approximately $4,000. Despite this, Kayamori noted that he believes the bottom is near for Bitcoin and the markets in general, and importantly added that nobody really knows how the markets are going to act over any given period of time. As for his vision for the months ahead, Kayamori told the interviewer that he expects December to be a lack-luster month for the markets due to there not being any catalysts to increase Bitcoin’s price. “Right now, there’s nothing new, there’s no catalyst that would potentially shoot it [BTC] up, so I’d look at it kind of flat.” He further added that he believes the markets will build some upwards momentum sometime in the new year, stemming from renewed market sentiment. Furthermore, he noted that unfolding regulations in Asia, and Japan in particular, may ultimately have a positive impact on the markets, as they will help to prevent hacks and mismanagement from occurring within cryptocurrency exchanges in the future. The Quoine CEO also added that starting in the new year, exchanges will begin adhering to their improvement orders from regulatory authorities, which will ensure an all-around better experience for cryptocurrency investors. Related Reading: Bitcoin Holds Steady Around $4,000, Cost of Mining Continues to Drop Despite Positive Developments, Bitcoin Still Performing Poorly At the time of writing, Bitcoin is trading up 2.2% at its current price of just under $4,000. Although Bitcoin appears to have found some stability at its current price point, it has failed to gain any serious momentum since setting its year-to-date lows of $3,600. Many investors and industry insiders, Kayamori included, are surprised that the markets haven’t seen any positive price action so far in the final months of 2018. This despite the fact that there are multiple positive developments occurring in the industry, like the entrance of institutional players into the markets, including crypto platforms and products from companies including Fidelity and the ICE-backed exchange, Bakkt. Kayamori concluded the interview on a hopeful, yet cautious, note, saying that he expects Bitcoin to surpass its all-time-high by the “end of next year.” Featured image from Shutterstock CEO of Crypto Firm Quoine Says Bitcoin Will “Surpass” All-Time High by End of 2019 was last modified: December 4th, 2018 by Cole PetersenThe post CEO of Crypto Firm Quoine Says Bitcoin Will “Surpass” All-Time High by End of 2019 appeared first on NewsBTC.

Bitcoin Price Will Hit New All-Time Highs in 2019: Quoine CEO

Bitcoin price will likely reclaim or surpass its all-time high by the end of 2019, guesstimated Mike Kayamori. The Quoine chief told Bloomberg in an interview that while it is difficult to predict how much time bitcoin would take to establish a new peak, he is sure it would touch it nonetheless. Adding that he believed The post Bitcoin Price Will Hit New All-Time Highs in 2019: Quoine CEO appeared first on CCN
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Tron is Now Available for Trading on the eToro Platform

Tron (TRX) was added to the social trading platform eToro. More than 100 million registered users will have access to one of the largest cryptocurrencies in the market. […] The post Tron is Now Available for Trading on the eToro Platform appeared first on UseTheBitcoin.
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eToro Acquires Smart Contract Infrastructure Provider FirmoImage via eToro, Facebook

Social trading and multi-asset brokerage company eToro has acquired Firmo, a smart contract infrastructure provider, for an undisclosed amount, eToro announced on Monday. The company said the acquisition aims to bring it “one step closer to becoming the first truly global service provider allowing people to trade, invest and save.” The Firmo team will act […] The post eToro Acquires Smart Contract Infrastructure Provider Firmo appeared first on Coinjournal.

eToro Signals Tokenized Future with Acquisition of Smart Contract Infrastructure Provider Firmo

Coinspeaker eToro Signals Tokenized Future with Acquisition of Smart Contract Infrastructure Provider FirmoGlobal multi-asset investment platform eToro has today announced that it has acquired Firmo, for an undisclosed amount. Firmo enables smart contracts for derivatives to be securely enabled on any major blockchain.Commenting on the news Yoni Assia, Co-founder and CEO of eToro, said:“The acquisition of Firmo will enable eToro to accelerate the growth of our tokenized assets offering.  Blockchain and the tokenization of assets will play a major role in the future of finance. We believe that in time all investible assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain.”eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. While this core vision remains the same, new technology namely blockchain, means that the eToro business has, and will continue to, evolve.Yoni Assia continued:“While our expansion has been largely organic to date, as the eToro business continues to grow we are on the lookout to acquire businesses which will help us stay at the forefront of fintech innovation. We believe that the market is particularly exciting at the moment.”The Firmo team will act as an internal innovation unit tasked with bringing to life the goal of tokenizing all assets on eToro. This will involve research and development of infrastructure for the representation of assets and the execution of trade processes on blockchain infrastructure.Dr. Omri Ross, CEO and Founder of Firmo, said:“The advent of crypto and the blockchain technology that underpins it has driven an explosion in financial innovation, however, a number of challenges are preventing mass adoption and integration into legacy infrastructure.  Our goal is to enable our users to trade any asset globally with instant settlement by tokenizing assets and executing all essential trade processes on the blockchain.” Firmo’s underlying technology provides a platform to securely deploy financial contracts and can work with any blockchain. They have developed a formally verified, domain-specific contract language ‘FirmoLang’ which, with the support of Firmo’s compiler can be translated onto a number of blockchain platforms such as Ethereum, EOS or NEO.Yoni Assia said:“The Firmo team has done ground-breaking work in developing practical applications for blockchain technology which will facilitate friction-less global trading. The adoption of smart contracts on the blockchain increases trust and transparency in financial services. We are incredibly proud and excited that they will be joining the eToro family. We believe that together we have a very bright future and look forward to pursuing our shared goal to become the first truly global service provider allowing people to trade, invest and save.”About eToroeToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. The eToro Group consists of the eToro platform, our multi-asset trading and investment venue, and eToroX, which manages our crypto wallet and forthcoming exchange.The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. We are a global community of more than ten million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.As technology has evolved, so has our business. In 2018, we created eToroX, our digital asset subsidiary. eToroX provides the infrastructure, in the form of a crypto wallet and the forthcoming exchange, that supports our commitment to facilitating the evolution of tokenized assets. We believe that leveraging blockchain technology will enable us to become the first truly global service provider allowing everyone to trade, invest and save.eToro Signals Tokenized Future with Acquisition of Smart Contract Infrastructure Provider Firmo

5 Things You Need to Know About Apple’s New Credit Cardapple-cardampressman

Hoping to move more even deeply into the financial lives of its customers, Apple on Monday unveiled its own iPhone-oriented credit card, called the "Apple Card." The card, created in partnership with Goldman Sachs and Mastercard, comes with some features that set it apart from traditional credit cards like a lack of a visible credit card number. But it also has some features that most people are well familiar with such as cash back. In a particularly Apple touch, customers can apply for the card on an app on their phones. It will be available this summer, Apple said. The card is tied closely into Apple Pay, the company’s digital wireless payments system. That makes it easy for customers to use the card for payments with all their Apple devices and for purchases both in retail stores and online. Here are five important things you should know about the new Apple Card: This isn’t your father’s credit card Yes, this is a physical credit card – albeit made of all-white, engraved titanium. But it doesn't have a number or expiration date printed on it. Get money back Like many other rewards cards, users will get a 2% rebate on spending with the new card through the Apple Pay app and 1% back when using its as a physical card. Customers will get 3% back on purchases from Apple. But customers won't have to wait long to spend the rebates. Apple said they would be available immediately on an accompanying app for use on new purchases, to pay down a credit card balance, or even to transfer to other people using Apple Pay. No fees Apple didn't say what the interest rate would be on the new card. Apple aapl did say that the card will have no annual fee, no late fees, no over-limit fee, and no international fees. Apple has previously offered a more typical branded Visa card in partnership with Barclays. That card also has no annual fee and lets users accumulate rewards points that can be redeemed for Apple gift cards. But otherwise, it more resembles a typical credit card, with late fees and other extra charges. Privacy protection Apple said it would provide more privacy protection than typical credit cards. The company said it wouldn't know where customers spend, how much they spend, or what they buy. Goldman Sachs gs would have that data and wouldn’t sell that information to third parties for marketing or advertising. Better spending data The new card will come with an app that provides highly detailed information about the users’ finances. Using data from Apple Maps, the app will show exactly where and when every transaction occurred instead of a traditional credit card statement. The app will "transform this mess into names and locations that you'll recognize," Apple vice president Jennifer Bailey said. The app will compile the information while processing all financial data on each user’s device. No data would flow to Apple’s servers, the company said.
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