Electronic market liquidity provider B2C2 has won its case against Singapore cryptocurrency exchange Quoine and could claim now over 3,000 Bitcoin (BTC) ($11.5 million), local English-language daily news outlet Business Times reported on March 14. The dispute, which saw Singapore’s first cryptocurrency court case begin last November, involves trades made by B2C2 on Quoine’s platform in April 2017. At the time, Quoine was experiencing what it describes as technical difficulties, which resulted in temporary major liquidity problems. As such, B2C2 was able to place Bitcoin (BTC) to Ethereum (ETH) trades at a highly artificial exchange rate of 10 BTC per …

The United States Commodity Futures Trading Commission (CFTC) has announced Monday, March 11, that international securities dealer 1pool Ltd. and its CEO Patrick Brunner must pay a total of $990,000 for illicit Bitcoin (BTC) transactions with U.S. customers. The Marshall Islands-based startup, which was offering BTC-funded security-based swaps, and its owner have been fined for illegally offering BTC-margined retail commodity transactions to U.S. investors. Moreover, the CFTC states that 1pool Ltd. failed to register as a futures commission merchant and did not comply with the required Anti-Money Laundering (AML) procedures. The CFTC imposed a civil penalty of $175,000, while also …

The widow of the founder of now-defunct cryptocurrency exchange QuadrigaCX has asked the court for $225,000 in compensation for legal costs, Bloomberg reports on March 4. Jennifer Robertson, the wife of late QuadrigaCX founder Gerry Cotten, is seeking repayment for financing used to help the crypto exchange acquire court-approved protection from creditors. After $145 million in crypto assets went missing following Cotten’s death, Robertson provided interim financing for legal proceedings. According to Bloomberg, Robertson paid CA$300,000 (~$225,000), which covered Big Four audit firm Ernst & Young’s (EY) appointment as a monitor to the legal proceedings, in addition to fees associated …

Big Four audit firm Ernst & Young (EY) released its “Third Report of the Monitor” in the creditor protection proceedings of Canadian crypto exchange QuadrigaCX on March 1. Within the report, the audit firm has identified six separate crypto wallets that were used primarily to store Bitcoin (BTC), the cryptocurrency most used on the platform. Apart from one inadvertent transaction of Bitcoin amounting to nearly $500,000, there have been no deposits in the wallets since April 2018. Furthermore the report states: “To date, the Applicants have been unable to identify a reason why Quadriga may have stopped using the Identified …

An ongoing securities lawsuit against payment startup Ripple will stay in federal court, per a recent ruling. The news was announced by lawyer Jake Chervinsky in a tweet on Mar. 1. “The Court has denied the plaintiffs' motions to remand. This means the case stays in federal court, a minor but meaningful victory for Ripple,” Chervinsky wrote in the post. The ruling reads that United States District Judge Phyllis J. Hamilton, of the Northern District of California, has ordered that the class action suit against Ripple Labs, its subsidiary XRP II, and Ripple CEO Brad Garlinghouse, for the sale of …

Former CEO of now-defunct Bitcoin (BTC) exchange Mt. Gox, was denied his motion to stay the United States lawsuit against him in light of rehabilitation proceedings in Japan, fintech news agency FinanceFeeds reported on March 1. On Thursday, Feb. 28, the motion by ex-Mt. Gox CEO Mark Karpeles was reportedly denied by the Illinois Northern District Court judge Gary Feinerman. The court also ruled to extend the deadline to submit responses to any already provided discovery requests to May 15, 2019. Karpeles filed a motion to stay the U.S. case launched by former investors on Monday, Feb. 25. In the …

The Russian Supreme Court has included the illicit use of cryptocurrencies in the list of criminal offences related to money laundering, local legal news site Pravo reported on Tuesday, Feb. 26. The court has introduced new amendments to the anti-money laundering (AML) decree issued in July 2015. These clarifications relate to Russian criminal code articles dedicated to the legalization of property acquired via criminal means. According to Alexander Chervotkin, a judge who commented on the regulations, in the three years since the decree was signed, cryptocurrencies have became widely used by criminals. To prove that, the judge cited several cases …

Jennifer Robertson — the current director and widow of the founder of now-shuttered Canadian crypto exchange QuadrigaCX — has asked a Canadian court to appoint a chief restructuring officer (CRO) to handle proceedings in the aftermath of the exchange’s controversial closure. In an affidavit filed with the Supreme Court of Nova Scotia on Feb. 25, Robertson further requested that the court grant a stay of proceedings extension of the current period of creditor protection. As previously reported, Robertson’s spouse, 30-year-old Gerald Cotten, died in December 2018. At that time, the exchange reported that it was unable to access its cold …

The Supreme Court of India has reportedly granted four weeks to Indian authorities to come up with cryptocurrency regulation policies, local news outlet Inc42 reports on Feb. 25. If the Indian government does not provide a crypto regulatory framework in four weeks, the Supreme Court is set to release their own judgement, the article states. At the hearing on Feb. 25, the court has given one last opportunity to the Union of India to develop crypto regulation, stressing that afterwards, the Court will stop hearing crypto-related cases, including the parties who demand to reverse the crypto circular released by the …

Canada’s now-offline QuadrigaCX cryptocurrency exchange has sent its remaining crypto assets from its hot wallets to Big Four auditing firm Ernst & Young (EY), according to the an official report EY published on Feb. 20. According to the EY’s “Second Report of the Monitor,” QuadrigaCX transferred almost all its online crypto to the auditor on Feb. 14, following some initial testing arrangements. The transferred amount included 51 Bitcoin (BTC), 952 Ethereum (ETH), 822 Litecoin (LTC), 33 Bitcoin Cash (BCH), and 2,033 Bitcoin Gold (BTG); a sum worth roughly $410,000 at press time. As the new report reads, EY will be …

The Supreme Court of Nova Scotia has ordered Canadian law firms Miller Thomson and Cox & Palmer to represent customers of cryptocurrency exchange QuadrigaCX in upcoming proceedings. The ruling was announced in a court filing published on Feb. 19. On Tuesday, Justice Michael Wood rendered a decision that Miller Thomson and Cox & Palmer will act as lead counsel to represent the representative committee of users of Canada’s major cryptocurrency exchange Quadriga. Specifically, the representative counsel will be responsible for “managing communications with users; acting as user liaison for the monitor [Ernst & Young]; advocating for user interests before the …

The United States Securities and Exchange Commission (SEC) announced it had gained an injunction against initial coin offering (ICO) operator Blockvest, overturning a 2018 court order. The regulator reported the development in a press release published on Feb. 14. Blockvest, which the SEC suspects of offering and attempting to sell unregistered securities via its BLV token sale, will now face fresh charges along with its founder, Reginald Buddy Ringgold, III aka Rasool Abdul Rahim El. “The defendants used the SEC seal without permission and falsely claimed that their crypto fund was ‘licensed and regulated,’” the release explains, adding: “Ringgold also …