On March 9, 2023, the New York State Attorney General’s Office (NYAG) filed a lawsuit charging crypto trading platform KuCoin for “failing to register as a securities and commodities.
In the recent case of
Convexity Ltd. v. Phoenixfin Pte Ltd., Mek Global Ltd. and Phoenixfin Ltd. [2021] SGHC 88, the Singapore High Court departed from its pro-arbitration stance and set aside an arbitral award. The Singapore High Court found that the arbitral tribunal had labored under the misapprehension that parties had agreed to include an unpleaded issue into the scope of submission, though the applicant had repeatedly objected to the same. The unpleaded issue formed the central basis for the tribunal’s decision to dismiss the applicant’s claims. In setting aside the arbitral award, the Singapore High Court agreed that there had been a breach of natural justice, the award had dealt with issues outside the scope of submission, and the arbitral procedure agreed by the parties had been departed from.