China: Crypto Trader Must Repay Exchange
A Chinese appellate court affirmed a judgment against a bitcoin trader. The judgment required that the trader return proceeds he received from the sale of five bitcoins that were accidently deposited into his account by the platform.
The platform, Coinnice, argued that the trader had no legal right to the assets and that accordingly, the proceeds of the sale should be returned to the platform. The platform presented evidence of the erroneous transactions and the platforms terms and conditions as well, which supported the platform’s position. After the trial court ruled in favor of the platform, the trader appealed.
As previously stated, the appellate court affirmed the lower court judgment. On appeal, the court ruled that based on civil law, profits made on illegal grounds require a return of the proceeds. The court stated,
“In this case, whether or not Coinnice’s establishment as a bitcoin trading platform has violated relevant rules, does not have any impact on Li’s liability to return the profits he received with no legal basis. . . As such, the court denies his appeal and the decision is final.”