The court recognizes cryptocurrency as property in the Bybit crypto exchange case
Singapore's Supreme Court has recognized cryptocurrency as property in the Bybit crypto exchange case
An employee of the exchange abused her position and transferred USDT worth more than $4.2 million to her wallets
The Supreme Court of Singapore has recognized cryptocurrency as property that can be held in trust. The decision relates to litigation between cryptocurrency exchange Bybit and its counterparty, according to a July 25 court verdict.
Bybit brought the case against its employee Ho Kai Sin, alleging that she breached her employment contract and abused her position to transfer USDT worth more than $4.2 million to her wallet. He also transferred some fiat currency into her bank account.
"Like any other thing, USDT can be held in trust," said Singapore's Chief Justice Philip Jeyaretnam.
The court's ruling also referred to the Monetary Authority of Singapore's public consultation dated July 3, 2023. The document "reflects the reality that it is practically possible to identify and segregate digital assets."
Also in the lawsuit against crypto exchange Binance, the US regulator CFTC considers a number of cryptocurrencies as commodities. The exchange intends to file a motion with the court to dismiss this lawsuit.
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