Official Liquid Exchange Thread

[marceloueda]

I've funded my account via wire transfer and I was charged $45 from my local bank (as expected) and an additional $25 from Quoine. Is this deposit fee information available anywhere? Is there any way I can get to know how much Quoine will charge for receiving a wire transfer before it is done? Is this a fixed and immutable amount?

[kkperfect]

I make FAST deposit S$10k from OCBC bank to Quoine SGD account on last friday but until now still not credit to my SGD account.
Everyday sent several emails to complain that my deposit was not credited to my account but get no reply at all.
4 days passed but still nobody reply to me, I was wondering whether Quoine is scam or not.

I miss all the opportunities to trade.

I hope Quoine so handle this issue in a more professional way because I feel very unsecured.
Anybody can help me out. What should I do next?

[hifzi]

I make FAST deposit S$10k from OCBC bank to Quoine SGD account on last friday but until now still not credit to my SGD account.
Everyday sent several emails to complain that my deposit was not credited to my account but get no reply at all.
4 days passed but still nobody reply to me, I was wondering whether Quoine is scam or not.

I miss all the opportunities to trade.

I hope Quoine so handle this issue in a more professional way because I feel very unsecured.
Anybody can help me out. What should I do next?

saturday and  sunday, they in holiday, so any deposit or withdrawal will pending,  they will answer in monday, but i dont know about time detail,

[AlexTrader]

Hi,

TL;DR: Bitcoin trading platform QUOINE claimed that I exploited a glitch in their system, blocked my withdrawal requests, and reset my account balance from US$370,000 to zero without notice.

I bought my first bitcoins via a trading platform known as QUOINE last month. From what I can gather, QUOINE is a bitcoin trading platform based in Singapore and has been a locally registered company (Reg #201414068E) since 2014.

I was introduced to QUOINE and its zero trading fee campaign by a friend of mine. After some research on QUOINE, I believed that they were a trustworthy entity and decided to sign up for an account with them on June 14, 2016. I submitted legal identification documents for account verification and my account was then approved on June 16. On June 18, I transferred SGD from my bank account to QUOINE for the purpose of conducting trading via bitcoins.

On June 20, I wrote a software application that interacts with QUOINE's application programming interface (API) that is available to all users of their trading platform to conduct trading between currency pairs available on their platform.

The basic, functional application that I wrote is capable of conducting trades without any manual input and began trading right after it was completed. I did a test withdrawal of S$500 on the same day and the funds had reached my bank after two days. Through the use of my application, I executed a series of trades that made me profits, all of which were kept in QUOINE.

On June 21, I submitted two withdrawal requests, one at S$19.9K using FAST which takes one business day to complete and the other at S$200K via bank wire which, according to QUOINE, requires three business days. I was contacted by their support staff on June 22 to confirm that the larger withdrawal cannot be performed using FAST as it can only be used for transfers under S$50K and I had told them to proceed with the withdrawals as such (screenshot below). The respective amounts were deducted from my QUOINE account and while the funds from the smaller withdrawal had been deposited in my bank account within the next day, the funds from the larger withdrawal request never arrived.

On June 27, I sent in a support request asking for the status of my pending withdrawal after sending in additional withdrawal requests on June 23 but the support requests went unanswered.

Then on June 29, QUOINE sent me a notification stating that "a price anomaly due to a system glitch allowed continuous arbitrage across various products in the platform", and my account had been flagged out for "having done trades to take advantage of this glitch in violation of our terms & policies and as a result [my] trades during those dates will be reverted." (screenshot below)

I certainly am not aware of any glitch that they claim to be existing in their trading platform, and definitely have not exploited any. The software application I have written was constantly performing trades on QUOINE's platform whenever possible based on the logic that I have implemented and was solely submitting market orders via QUOINE's API. I'm unable to retrieve a history of the market orders submitted during that period from their API as it appears that QUOINE have made it unavailable, but I did maintain a log of my account balance while the application conducted trading.

The first thing I did after receiving their notification on June 29 was to verify whether I did violate their terms and conditions. I visited their Terms and Conditions (T&C) page on their website and a new clause has been added that states that "Arbitrage trading or the ability to extract profits by exploiting pricing differences across different but related products on QUOINE is strictly prohibited". The Terms and Conditions page showed that the page was "Last updated April 2014" but I counter-checked this page against Google's web cache as well as Archive.org and discovered that the new clause did not exist in their T&C page previously, and in particular, prior to the time when I registered my account with QUOINE on June 14 (links to cached page below).

On July 2, I prepared and sent them a letter of demand for a full withdrawal of my account balances via email, and have stated clearly that I expect a response by July 9. Up till now, I have yet to receive a single response from them for both my support requests and demand letter since two weeks ago.

Just recently, I logged in to my QUOINE account and discovered that my SGD account balance has been reset to zero while my other currency balances are set to a negative value. This was done without any notification from QUOINE. I believe that this is not an act of fairness, and I would like to seek advice from various online communities in regards to this matter, particularly from individuals who have been through a similar situation, as I'm uncertain on what would be the best course of action to take from here.

Has anyone here faced such an issue before? If so, I would appreciate your advice on how to proceed on this. Please feel free to write an email to me by sending it to alexbtctrader (at gmail) and I'll respond to all relevant emails and replies as soon as possible. I thank you for taking the time to read my detailed request above.

Screenshots are available on Imgur:
http://imgur.com/a/z7RbJ

T&C page as captured by Archive.org, April 6, 2016:
https://web.archive.org/web/20160406114916/https://www.quoine.com/terms/

T&C page as captured by Google, June 17, 2016:
https://archive.is/u9Cel

T&C page as captured by Archive.is, June 29, 2016:
https://archive.is/hgwxS

T&C page as captured by Archive.org, July 10, 2016:
https://web.archive.org/web/20160710152412/https://www.quoine.com/terms/

Regards,
Alex

[Serpens66]

@AlexTrader:
WTF ?! O.ô with that large sum I guess you should try legal actions.

It is of course ridiculous from Quoine to prohibit Arbitrage
No serious exchange will prohibit this, because every exchange only profits from arbitrage traders. If not, they are obviously scam!
I planned to use quoine, but it seems I won't.

[kkperfect]

I make FAST deposit S$10k from OCBC bank to Quoine SGD account on last friday but until now still not credit to my SGD account.
Everyday sent several emails to complain that my deposit was not credited to my account but get no reply at all.
4 days passed but still nobody reply to me, I was wondering whether Quoine is scam or not.

I miss all the opportunities to trade.

I hope Quoine so handle this issue in a more professional way because I feel very unsecured.
Anybody can help me out. What should I do next?

saturday and  sunday, they in holiday, so any deposit or withdrawal will pending,  they will answer in monday, but i dont know about time detail,

Today is Tuesday, but still no reply and not yet credit my deposit to my SGD account.
Quoine Exchange, please reply to me. What is your SOP?
Previously all the deposit credited within one business day but now keep delay and no reply at all.
Quoine Exchange, please come out to explain all these. I will appreciate if someone can help.

[Serpens66]

i have 310 BTC, 5000ETH and 250K FIAT, but now my balance has been reset to zero...they claim all account allowed continuous arbitrage across various products in the platform. Because every trader profit from arbitrage. Bitcoin price drop until USD 640 (from 700) and quoine say " you dont have profit anything from bitcoin fluctuation".

I have to ask this, cause also AlexTrader had such a big balance:
Is most of your balance profit? I mean did you started with say 50 BTC and after trading at quoine you had "310 BTC, 5000ETH and 250K FIAT" ?
Or is the profit itself quite small?

And how do I add more pairs? I only have BTC/EUR and ETH/EUR, so what kind of arbitrage did you make? Only between those two pairs?

I still don't get why Quoine prohibit Arbitrage. Would be good to see a statement from Quoine, since Arbitrage is a normal and good thing for exchange and traders. The only legal reason for resetting all these balances would be a bug which made trades possible that did not exist. But "Arbitrage" itself is no reason.

[TraderETH]

i have 310 BTC, 5000ETH and 250K FIAT, but now my balance has been reset to zero...they claim all account allowed continuous arbitrage across various products in the platform. Because every trader profit from arbitrage. Bitcoin price drop until USD 640 (from 700) and quoine say " you dont have profit anything from bitcoin fluctuation".

I think quoine must explain about your problem and usualy he is fast update on this thread and quoine should be there are not problem with arbiters because it is strategy of trading.

[Quoine Exchange]

i have 310 BTC, 5000ETH and 250K FIAT, but now my balance has been reset to zero...they claim all account allowed continuous arbitrage across various products in the platform. Because every trader profit from arbitrage. Bitcoin price drop until USD 640 (from 700) and quoine say " you dont have profit anything from bitcoin fluctuation".

I think quoine must explain about your problem and usualy he is fast update on this thread and quoine should be there are not problem with arbiters because it is strategy of trading.

Hi,

Apologies for the complete lack of response on this thread. I had set this thread to be 'watched' so I usually get an email notification whenever there is a new post but it seems to have stopped working.

[Quoine Exchange]

Hi, due to previous bad experience with another Singapore exchange OKcoin International where the only method of depositing is wiring money to a Taiwanese bank account (like wtf) I would like to understand how payment for Quoin is before i choose to open a bank account. Do you have a payment gateway where you accept all Singapore bank or it is a transfer to your Singapore bank account?

Currently we process SGD via our bank accounts, which are Singapore based, for deposits and withdrawals.

[Quoine Exchange]

I've funded my account via wire transfer and I was charged $45 from my local bank (as expected) and an additional $25 from Quoine. Is this deposit fee information available anywhere? Is there any way I can get to know how much Quoine will charge for receiving a wire transfer before it is done? Is this a fixed and immutable amount?

Unfortunately the charge by your bank, any intermediary bank, and our recipient bank when customers wire us currencies cannot always be confirmed in advance. We do provide screenshots to show the amount received by us when customers do query it. The fee's can vary tremendously depending on the currency and which country you are sending from.

[Quoine Exchange]

I make FAST deposit S$10k from OCBC bank to Quoine SGD account on last friday but until now still not credit to my SGD account.
Everyday sent several emails to complain that my deposit was not credited to my account but get no reply at all.
4 days passed but still nobody reply to me, I was wondering whether Quoine is scam or not.

I miss all the opportunities to trade.

I hope Quoine so handle this issue in a more professional way because I feel very unsecured.
Anybody can help me out. What should I do next?

Hi,

Apologies for the delay. I believe your balance was updated today - please advise if any further issues via the support ticket I believe you raised.

[kkperfect]

I make FAST deposit S$10k from OCBC bank to Quoine SGD account on last friday but until now still not credit to my SGD account.
Everyday sent several emails to complain that my deposit was not credited to my account but get no reply at all.
4 days passed but still nobody reply to me, I was wondering whether Quoine is scam or not.

I miss all the opportunities to trade.

I hope Quoine so handle this issue in a more professional way because I feel very unsecured.
Anybody can help me out. What should I do next?

Hi,

Apologies for the delay. I believe your balance was updated today - please advise if any further issues via the support ticket I believe you raised.

I am so disappointed with your service because I was expected Quoine will be the largest platform in Singapore(zero trading fee).
You owe me an explanation, how can I accept your apologies? What is the reason you delay my deposit? Why nobody reply for long period?

Frankly, even though is zero trading free now I will stay away from Quoine, I just afraid that my money will suddenly disappear in Quoine.

[Quoine Exchange]

i have 310 BTC, 5000ETH and 250K FIAT, but now my balance has been reset to zero...they claim all account allowed continuous arbitrage across various products in the platform. Because every trader profit from arbitrage. Bitcoin price drop until USD 640 (from 700) and quoine say " you dont have profit anything from bitcoin fluctuation".

I think quoine must explain about your problem and usualy he is fast update on this thread and quoine should be there are not problem with arbiters because it is strategy of trading.

Hi,

Apologies once again for the delayed response on this forum.

I have been advised that notifications and full details are being communicated to the users affected by the pricing issue.

Although I cannot go into detail around the specifics on each case here, I have been assured that our support team will be reaching out to each customer that was affected, and I have asked them to ensure responses are timely.

Balance resets to zero without any notification should not have happened, and I do apologise if this was the case.

To clarify, the act of arbitrage itself is not prohibited on Quoine.

Only accounts where users had mispriced trades that were affected by the pricing issue on our platform have had fiat and bitcoin withdrawals halted during the investigation. I believe there are varying circumstances from case to case, from users that made small profits/reduced profits/losses with a few trades, some large losses, and some that executed many trades manually or with trading software/bots, and have amassed large sums from the initial deposits.

No other customers should be experiencing long delays in fiat/bitcoin deposits/withdrawals - please do raise customer support tickets if this is the case.

[Quoine Exchange]

I make FAST deposit S$10k from OCBC bank to Quoine SGD account on last friday but until now still not credit to my SGD account.
Everyday sent several emails to complain that my deposit was not credited to my account but get no reply at all.
4 days passed but still nobody reply to me, I was wondering whether Quoine is scam or not.

I miss all the opportunities to trade.

I hope Quoine so handle this issue in a more professional way because I feel very unsecured.
Anybody can help me out. What should I do next?

Hi,

Apologies for the delay. I believe your balance was updated today - please advise if any further issues via the support ticket I believe you raised.

I am so disappointed with your service because I was expected Quoine will be the largest platform in Singapore(zero trading fee).
You owe me an explanation, how can I accept your apologies? What is the reason you delay my deposit? Why nobody reply for long period?

Frankly, even though is zero trading free now I will stay away from Quoine, I just afraid that my money will suddenly disappear in Quoine.

Hi,

I will try to find out if your delayed response was due to human error, or if it's related to something else like compliance.

We do try to ensure customer support tickets are answered in a timely manner. There are some cases where we are actually unable to provide details in our communications to customers, especially when some of the suspicious activity checks we do flags up customers for any activity that we deem suspicious. As per market standard money laundering/compliance procedures, we can't actually notify a user if they are being investigated as within Anti Money Laundering/Compliance this is known as "tipping off"

[Serpens66]

Hi,

Apologies once again for the delayed response on this forum.

I have been advised that notifications and full details are being communicated to the users affected by the pricing issue.

Although I cannot go into detail around the specifics on each case here, I have been assured that our support team will be reaching out to each customer that was affected, and I have asked them to ensure responses are timely.

Balance resets to zero without any notification should not have happened, and I do apologise if this was the case.

To clarify, the act of arbitrage itself is not prohibited on Quoine.

Only accounts where users had mispriced trades that were affected by the pricing issue on our platform have had fiat and bitcoin withdrawals halted during the investigation. I believe there are varying circumstances from case to case, from users that made small profits/reduced profits/losses with a few trades, some large losses, and some that executed many trades manually or with trading software/bots, and have amassed large sums from the initial deposits.

No other customers should be experiencing long delays in fiat/bitcoin deposits/withdrawals - please do raise customer support tickets if this is the case.

So what exactly was the problem? It sounds the real problem was a "pricing issue"? So what happend? The orderbook showed a wrong price?
And if it was only a bug, why are you adding that arbitrage ban to your terms?

And what does it mean for other customers, that were not affected yet? Is the price issue solved?
Could I start arbitrage at your exchange now without problems? Or will you halt withdrawals and reset balance and so, if I do?

@henscyber: thanks for explanation

[mew2Master]

Apologies once again for the delayed response on this forum.

I have been advised that notifications and full details are being communicated to the users affected by the pricing issue.

My account has also been frozen and account balance reseted to 0. I only receive 2 emails (refer to following) from Quoine, and Quoine did not mention anything detail about the glitch. Quoine refuse to provide me the person in-charge contact number to whom i can speak to and i have dropped them multiple emails without any reply or response.

The account balance was simply deducted without any form of accounting and information.

This is what they do to my account:
SGD: I am holding SGD 2xx before the reconciliation, they make my balance to become - SGD 4841.34 on 10 July. On 11 July, they did another reconciliation and set my SGD account to SGD 0. They didn’t provide any details about the “Reconciliation” process. Actually I believe they don’t even know what they are doing. In fact, i also believe that they don’t know what the supposedly GLITCH is about.
Reference: https://i.imgur.com/NogzzZp.png

BTC: they just simply set all my BTC to 0. That mean now all my BTC belong to them.
Reference: https://i.imgur.com/MD89pa3.png

1st Email: Frozen Account Notification‏ on Wed, 29 Jun 2016 04:46:14 +0000

Between June 16 and June 21, a price anomaly due to a system glitch allowed continuous arbitrage across various products in the platform. Your account has been flagged as having done trades to take advantage of this glitch in violation of our terms & policies and as a result your trades during those dates will be reverted.

Until this is completed, any withdrawals (fiat and crypto currencies) have been frozen for your account.

2nd Email: Account Balance Deducted Notification on Tue, 12 Jul 2016 09:50:54 +0000‏

Between June 16 and June 23, our platform experienced pricing issues which resulted in price discrepancies across related products/currency pairs. These unintended discrepancies when exploited by some users resulted in substantial losses to our business. After inspecting your account behaviour during those dates, which resulted in abnormally large and substantial increases in your balance, your account have been identified as having taken advantage of said pricing glitch. As we deem these gains an abnormal result due to a pricing glitch in our system and not due a real market-driven result, we have decided not to honor any those gains. Therefore, your balance has been deducted by the difference between two dates, excluding any deposits you have made within this period.

[ibeliveIcanflyETH]

In the end, Quoine is not much different from a bank.
They hold your money, you can trades, withdraw, etc.
In the end, the only difference between Quoine and a bank is that they have the ability to reset your account to $0 while not being bankrupt  (hum hum Lehman brothers hum hum ).

[kkperfect]

I make FAST deposit S$10k from OCBC bank to Quoine SGD account on last friday but until now still not credit to my SGD account.
Everyday sent several emails to complain that my deposit was not credited to my account but get no reply at all.
4 days passed but still nobody reply to me, I was wondering whether Quoine is scam or not.

I miss all the opportunities to trade.

I hope Quoine so handle this issue in a more professional way because I feel very unsecured.
Anybody can help me out. What should I do next?

Hi,

Apologies for the delay. I believe your balance was updated today - please advise if any further issues via the support ticket I believe you raised.

I am so disappointed with your service because I was expected Quoine will be the largest platform in Singapore(zero trading fee).
You owe me an explanation, how can I accept your apologies? What is the reason you delay my deposit? Why nobody reply for long period?

Frankly, even though is zero trading free now I will stay away from Quoine, I just afraid that my money will suddenly disappear in Quoine.

Hi,

I will try to find out if your delayed response was due to human error, or if it's related to something else like compliance.

We do try to ensure customer support tickets are answered in a timely manner. There are some cases where we are actually unable to provide details in our communications to customers, especially when some of the suspicious activity checks we do flags up customers for any activity that we deem suspicious. As per market standard money laundering/compliance procedures, we can't actually notify a user if they are being investigated as within Anti Money Laundering/Compliance this is known as "tipping off"

Quoine can hold your money as long as they wish and turn your account to zero without going to court because they are the judge. They can just do not reply to you and said is AML compliance "tipping off". Maybe in future, they can just runaway with your money and btc. I really don't feel confident to put my money or btc in Quoine because they are just giving excuses to cover what they are doing behind. Just S$10k what AML compliance that make you don't even want to reply to your nervous client? Always apologize for delay but still delay again and again.

Please tell me the truth why our deposit being delay and withdrawal also being delay? We need to know the truth.

[Quoine Exchange]

Hi,

As explained in the previous post (#238), there are varying circumstances from case to case, and only accounts with mispriced trades resulting from this pricing issue have had fiats and bitcoin withdrawals halted. And again, balance resets to zero without any notification should not have happened without proper communication between platform and users.

I have also been advised that we have good reasons, from trading volume and balance surge to trading behaviors, to believe that we were taken advantage of for the duration of the pricing issue. Nevertheless, we are keeping our mind open to the possibility of simple arbitrage trading and not unfair exploit. For this reason, our team is working in a deeper investigation for all accounts that have had balance reset.