Singapore arbitrator rejects Biyin’s IOU model

Odaily Planet Daily News A Singaporean arbitrator declared Poolin’s IOU model invalid and ordered it to return 88 BTC to customers. On Tuesday, Poolin CEO Kevin Pan said that the IOU payment has still not been issued because the company’s cash flow is still not sufficient. Kevin Pan expects that Biyin will pay Li Bei, the plaintiff in the Singapore case, in the first half of this year, but it will still depend on Biyin’s cash flow and market conditions. As previously reported, in September 2022, Billin Wallet issued an announcement on adjusting products and services, announcing that it will issue a series of debt tokens: IOU (I Owe You)-Tokens to minimize the impact of withdrawal suspensions. In October, arbitrator David Kreider ruled that Poolin must immediately return some user funds. (coindesk)