A Swiss investor says crypto exchange KuCoin has failed to pay a Seychelles Supreme Court judgment of more than $2 million awarded to them after the exchange classified his tokens as abandoned property following a delisting.
The Supreme Court of Seychelles ruled on December 11, 2025, that Didier Rabl is the “sole proprietor and owner” of approximately 21 million CoinPoker tokens previously held on KuCoin.
The court determined that KuCoin cannot classify unwithdrawn tokens from a delisted project as abandoned property, treating them instead as obligations owed to the investor, and awarded damages exceeding $2 million.
The court found that all emails sent to Rabl “remained unread and unanswered” and that KuCoin delisted CHP “without making any further attempt to notify the Plaintiff by post, telephone, or any alternative means.” The ruling held that a unilateral delisting email containing “deemed to have abandoned” wording was not sufficient to strip a customer of rights to tokens already held in their account, particularly where no such forfeiture term existed in the original contract.
The Supreme Court directed its Registrar to serve the judgment on Seychelles’ Financial Services Authority. The FSA published a public statement noting that Peken Global Limited, one of the defendants in the case, opted to migrate its services outside Seychelles following the rejection of its application. Under Seychelles’ Virtual Asset Service Providers Act(VASP), licensed exchanges are required to segregate client assets and maintain them at a 100% reserve.
The Seychelles ruling comes amid a series of legal and regulatory setbacks for the exchange. In 2023, KuCoin reached a $22 million settlement with the New York Attorney General over allegations that it operated without proper registration while serving New York residents. Last year, the exchange pleaded guilty in connection with a $300 million charge related to violations of money transmission laws and anti-money laundering regulations.
