Arbitration: David meets Goliath

• Is an arbitration award relating to a cryptocurrency exchange contract recognisable and enforceable against a UK consumer?

The English Commercial Court has recently considered whether an arbitration award relating to a cryptocurrency exchange contract is recognisable and enforceable against a UK consumer. In Payward, Inc and ors v Chechetkin [2023] EWHC 1780 (Comm), [2023] All ER (D) 102 (Jul) Mr Justice Bright refused to enforce a foreign-seated arbitration award against a UK consumer, because to do so would be contrary to public policy.

Exchanges, marketplaces and other payment service providers must therefore review their B2C terms and conditions to consider whether any arbitration clauses are effective against a UK consumer given this judgment, and the other similar judgment in Soleymani v Nifty Gateway LLC [2022] EWCA Civ 1297. In Nifty Gateway, the Court of Appeal lifted a stay (pending a New York arbitration) to consider whether an arbitration agreement was null and void, inoperative