06 October 2023
Is an arbitration award relating to a cryptocurrency exchange contract recognisable and enforceable against a UK consumer? Writing in this week’s NLJ, Charlotte Hill, partner, Penningtons Manches Cooper, considers a recent case in the commercial court, Payward Inc v Chechetkin
The case concerned the enforcement or otherwise of a foreign-seated arbitration award against a UK consumer. The claimants are global digital cryptoasset traders. Hill covers the case in detail, looking at the implications and arguments.
She
writes that the case ‘should act as a shot across the bows to crypto exchanges,
marketplaces and other payment service providers that continue to include
onerous arbitration and jurisdiction clauses in B2C contracts with UK
consumers’.
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