Lara Kuehl has written an article for the March issue of the Butterworths’ Journal of International Banking and Financial Law. The article, entitled “Foreign crypto arbitrations and UK consumer rights: a culture clash?”, discusses the enforceability of arbitration agreements which provide for foreign (non-UK) seated arbitration and foreign governing laws in contracts with UK consumers. Such arbitration agreements are commonly found in the terms of service of crypto exchanges and platforms.
Recent decisions of the English courts have highlighted the difficulty of reconciling foreign arbitration provisions with UK consumer law. If the dispute resolution and governing law provisions of their terms of service may be unenforceable against UK consumers, crypto asset exchanges and service providers (regardless of where in the world they are located) may find themselves exposed to claims made by customers in the English courts.
Read the full article here. This article first appeared in the March issue of the Butterworths Journal of International Banking and Financial Law.