VICTORIA, Seychelles — The Supreme Court of Seychelles’ December 2025 ruling against three KuCoin-linked entities registered in the jurisdiction has resurfaced in 2026 reporting, as the Seychelles Financial Services Authority (FSA) confirms that the operator’s local affiliate has had its licence application rejected and been ordered to cease activities in the country.
The court held that roughly 21 million CoinPoker (CHP) tokens left in the account of Swiss investor Didier Rabl after the token was delisted could not be treated as abandoned property. It ordered the three Seychelles-registered KuCoin entities, including Peken Global Limited, to pay more than USD 2 million in USDT plus moral damages.
Mid-2026 reports indicate that the award remains unpaid, and KuCoin has not publicly responded to the non-payment allegations. The investor is preparing further legal action to enforce the judgment. Under the Seychelles Virtual Asset Service Providers Act, licensed exchanges must segregate client assets and maintain a 100 per cent reserve — rules the case has drawn renewed attention to.
The ruling has been cited in international legal commentary as drawing a clear line between delisting a token and an exchange’s obligation to the customer, particularly where the original terms of service did not provide for forfeiture of unwithdrawn balances.
📷 Photo: Palais de Justice (Seychelles News Agency via Wikimedia Commons, CC BY 4.0)
Source: Coinpedia / KuCoin
