The two sides of Quoine

On one hand, crypto exchange operator Quoine touts itself as regulator-friendly. On the other, there’s evidence of falling standards and dubious practices. With multiple products it envisioned failing to materialise, Quoine’s ability to snag a coveted Singaporean licence is in question

Quoine pitches itself as a regulated crypto exchange that’s valued at over US$1 billion

It holds a cryptocurrency licence in Japan and is bidding for a similar licence in Singapore

But evidence exists that Quoine has overstated its metrics and served US traders despite not having the required licences

It hasn’t delivered technology promised to investors, its own token has devalued significantly, and it's cut its workforce by more than half

For anyone wanting to buy into cryptocurrencies like Bitcoin—which has increased in valuation by 60% since the start of 2020—exchanges that support fiat currency are the first stop. This automatically excludes the vast majority of crypto exchanges, which steer clear of fiat currency for a variety of reasons. These range from the stringent customer verifications required, relationships with banks, and—in many countries—licences.

But if more money is to enter the crypto industry and boost its legitimacy, fiat exchanges are essential. Japan-headquartered Quoine, with its trading platform Liquid, is one of these rare but crucial crypto oases.

Not only was the Tokyo-headquartered business among the first to receive a crypto trading license from the Japan Financial Services Agency (JFSA), it’s also mopped up north of US$100 million in venture capital.

AUTHOR

Jon Russell

Jon Russell is Southeast Asia editor for The Ken based in Bangkok. Originally from the UK, Jon moved to Thailand in 2008. He’s passionate about telling thoughtful business stories, and tracking the impact of the internet in his adopted home of Southeast Asia.

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