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FCA rules could trigger 'marked drop' in finfluencers marketing crypto

Published on 09 Oct 2023. By Oliver Bray, Senior Partner and Hettie Homewood , Senior Associate

Regulator clamping down over concerns consumers are being 'influenced into high risk investments without understanding consequences'

What To Know About AI Fraudsters Before Facing Disputes

Published on 29 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Fraudsters are quick to weaponise new technological developments and artificial intelligence is proving no exception, with AI-assisted scams increasingly being reported in the news, including most recently one using a likeness of a BBC broadcaster.

Value of NFT fraud plummets 82% in UK

Published on 18 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The value of Non-Fungible Token (NFT) fraud in the UK has dropped 82% over the last year as the collapse in prices and lower trading volumes make these digital assets less attractive to fraudsters, reveals new data from international law firm RPC.

D'Aloia – High Noon for Crypto-Tracing

Published on 17 Oct 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The High Court judgment in D'Aloia v. Persons Unknown and others [2024] EWHC 2342 (Ch) is arguably the most significant crypto judgment of 2024. Critical deficiencies in the claimant's blockchain tracing analysis, evidence presented at trial and pleadings were ultimately fatal to his claims seeking to recover assets misappropriated by fraudsters.

Crypto damages quantification: valuation at the date of breach or date of judgment?

Published on 10 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Southgate v. Graham [2024] EWHC 1692 (Ch), the High Court addressed an appeal from the County Court concerning inter alia the appropriate date for assessing damages in a cryptocurrency loan dispute. Initially, the County Court determined that the damages should be based on the cryptocurrency's fiat value at the breach date. Due to the volatility of the cryptocurrency, this decision would have resulted in significantly lower fiat damages award than if the valuation were based on a later date. The High Court allowed the valuation date part of the appeal, directing a further hearing to establish the appropriate date.

Summary judgment against persons unknown – a tale of two crypto judgments

Published on 09 May 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

Two recent crypto judgements in the High Court, Mooij v Persons Unknown (February 2024) and Boonyaem v Persons Unknown (December 2023) reached different conclusions regarding whether a summary judgment could be granted against unidentified (and unidentifiable) fraudsters, with Mooji deciding 'yes' and Boonyaem deciding 'no'.

RPC earns top ranking for Crypto-Asset Disputes in the UK

Published on 05 Dec 2023. By Dan Wyatt, Partner and Sarah Mountain, Partner

International law firm RPC has been ranked for the first time in Chambers and Partners 2024 FinTech Guide, achieving Band 1 for Crypto-Asset Disputes in the UK.

Crypto: issues for solicitors and their PI insurers

Published on 31 May 2023. By Simy Khanna, Partner and Harriet Keltie, Senior Associate

We explore the types of work lawyers are doing in this area, the risks this work may give rise to and issues for solicitors and their PI insurers to consider.

Binance successfully challenges interim proprietary injunction over deposited cryptoassets

Published on 24 May 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

In Piroozzadeh v Persons Unknown and Others [2023] EWHC 1024 (Ch), the cryptocurrency exchange Binance successfully applied to discharge an interim proprietary injunction obtained by a claimant whose misappropriated cryptoassets had been deposited at the exchange. This is the first recorded case of an exchange successfully having discharged such an injunction.

The FTX fallout so far and what may come next

Published on 16 Dec 2022. By Dan Wyatt, Partner

The collapse of FTX Trading Ltd. has been as dramatic as it has been fast. Until then, FTX had been the second-largest exchange in the world.

Three Crypto firsts for the English courts

Published on 22 Nov 2022. By Dan Wyatt, Partner and George Fahey , Associate

The recent judgment handed down in Jones v Persons Unknown [2022] EWHC 2543 (Comm) contained three firsts in the English Court: the imposition of a constructive trust between a crypto exchange and a victim of crypto fraud, an order for delivery up of Bitcoin, and summary judgment served by NFT airdrop. It shows the English courts' continued willingness to push the boundaries of English law in relation to the recovery of misappropriated cryptoassets. The innovative application of English law procedures and remedies to the growing problem of crypto theft and fraud is of considerable assistance to the victims of this pernicious and widespread fraudulent activity.

You've been airdropped: English court approves service by NFT and finds it arguable that cryptocurrency-exchanges hold misappropriated assets as constructive trustees

Published on 03 Aug 2022. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate and Becky Baker , Associate

In D’Aloia v (1) Persons Unknown (2) Binance Holdings Limited & Others [2022] EWHC 1723 (Ch), the English court approved service of proceedings by NFT and found that it was arguable that cryptocurrency exchanges owed constructive trustee duties to cyber-fraud victims.

First judgment obtained in proceedings brought by a cryptocurrency exchange in the English Courts

Published on 13 Jul 2022. By Christopher Whitehouse, Senior Associate and Jonathan Cary, Partner

In HDR v Shulev and Nexo [2022] EWHC 1685 (Comm), HDR (represented by RPC), which operates the cryptocurrency exchange BitMEX, initiated stakeholder proceedings under CPR Part 86 to resolve a dispute between two rival parties claiming control, and ownership of the contents, of a trading account.

Injunction granted over stolen NFTs held on constructive trust

Published on 10 Jun 2022. By Christopher Whitehouse, Senior Associate and Dan Wyatt, Partner and George Fahey , Associate

In a highly anticipated judgment, the Commercial Court in Lavinia Deborah Osbourne v (1) Persons Unknown (2) Ozone Networks Inc held that "there is at least a realistically arguable case" that non-fungible tokens ('NFTs') are to be treated as property in English Law.

Is the crypto market at the end of its Tether?

Published on 18 May 2022. By Christopher Whitehouse, Senior Associate

The crashing out of Terra has unleashed fears of unsettled investors, rising disputes and fraud exposure.

High Court finds that a cryptocurrency exchange arrangement was not a trust

Published on 16 Feb 2022. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The High Court decided that no trust could arise where two parties had agreed to an exchange of cryptocurrencies (in essence a sale and repurchase agreement), as the essential economic reciprocity precluded the existence of any trust.

Crypto-assets again confirmed as property by the English Commercial Court

Published on 26 Aug 2021. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate and Becky Baker , Associate

In the Commercial Court's latest crypto-related judgment, Fetch.AI(1), a proprietary injunction and worldwide freezing order were granted against various categories of persons unknown who had misappropriated various crypto-assets from one of the claimant's Binance trading accounts. In doing so, the Court agreed with the key finding in the seminal case AA v Persons Unknown, Re Bitcoin [2019] EWHC 3556 (Comm) – that bitcoin is 'property' – albeit it did so on a different basis.

No interim injunction over bitcoin account where damages would be adequate

Published on 03 Sep 2020. By Dan Wyatt, Partner and Christopher Whitehouse, Senior Associate

The court has declined to continue interim injunctions granted in respect of a 'coin depot account' holding bitcoin over which the claimants asserted a proprietary right.

Bitcoin is 'property' and can therefore be subject of proprietary injunction

Published on 03 Feb 2020. By Christopher Whitehouse, Senior Associate

Following recent case law on the matter, the High Court has found that bitcoin can be 'property' and can therefore be the subject of a proprietary injunction.(1) In reaching its conclusion, the court adopted the detailed analysis of the issue set out in the UK Jurisdictional Task Force's November 2019 Legal Statement on Crypto-Assets and Smart Contracts, thereby providing a far more detailed judicial basis for the finding than found in previous cases. The bitcoins at the heart of this case were part of a ransom payment paid to a hacker who installed malware on a company's IT systems.

Regulation of cryptocurrency pre-ICO funding under English Law

Published on 15 May 2018.

Launching a cryptocurrency typically involves an initial fundraising process followed by a public sale process, by way of initial coin offering or token sale ("ICO").

Hong Kong regulator warns of cryptocurrency risks

Published on 09 Feb 2018. By Jonathan Cary, Partner

The FCA sets expectations ahead of incoming cryptoasset marketing rules

Published on 28 Sep 2023. By Kerone Thomas, Associate and Faheem Pervez, Associate

The FCA has issued a "final warning" to firms promoting cryptoassets to UK consumers to prepare for the cryptoassets financial promotion regime. Effective from 8 October 2023, this regime aims to protect consumers from promotions that make exaggerated claims about the benefits in investing in cryptoassets.

New legislation proposed to bring FCA regulation to cryptoasset promotions

Published on 07 Jul 2023. By Oliver Bray, Senior Partner

What will the Government’s new legislation mean for the promotion of cryptoassets?

Collective actions under consumer law: proposed amendments to the Digital Markets, Competition and Consumers Bill

Published on 17 Apr 2024. By Oliver Bray, Senior Partner

Are class actions under consumer protection law likely following the UK’s new DMCC Bill, and if so, what will the impact on businesses be?

Shift in consumer rights landscape increases risks for retailers

Published on 13 Dec 2021.

Parliamentary 'wash up' – which Bills made it through?

Published on 31 May 2024. By Paul Joukador, Partner and Praveeta Thayalan, Knowledge Lawyer and Shahil Goodka, Trainee Solicitor

On 22 May 2024, Prime Minister Rishi Sunak announced that a General Election will take place on 4 July 2024. Parliament was then prorogued on 24 May 2024 which allowed a mere 2 days for 'wash up' - the process by which outstanding bills may be rushed through the parliamentary process.

Going Green - Draft Sustainability Guidance from the CMA

Published on 03 Apr 2023. By Ciara Cullen, Partner and Melanie Musgrave, Of Counsel and Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead

Following its public consultation, the CMA has published its advice to government on how competition and consumer laws can help meet the UK's environmental goals.

Hype Economics: the haves and the have bots

Published on 01 Nov 2022.

With the most wanted items selling out in the blink of an eye, consumers are leveraging automation to get ahead. Is the use of bots creating more than a moral dilemma for retailers?

Ten tips for retailers entering the metaverse

Published on 25 Oct 2022. By Paul Joukador, Partner and Hettie Homewood , Senior Associate

Once the province of online gaming and social media, the metaverse is the new hot topic in retail.

Vertical Agreements: The New Reality

Published on 07 Oct 2022. By Melanie Musgrave, Of Counsel

For those operating in the retail sector (amongst others), 1st June 2022 saw changes to the UK and EU competition law rules and the "safe harbour" or exemption from the application of competition law for certain types of vertical agreements, i.e. for contractual parties operating at different levels of the supply chain.

Low2NoBev Show - RPC takes front row seat as exclusive legal sponsor as the "No/Lo" alcohol drinks category soars

Published on 21 Sep 2022. By Ciara Cullen, Partner and Harpreet Kaur, Associate and Samuel Coppard, Senior Associate

Ahead of RPC acting as the exclusive legal sponsor of the Low2NoBev Show taking place at Olympia London later this month (26 – 28 September 2022), it is useful to understand the fundamental changes happening in this growing sector and the potential discussion points that may arise relating to the marketing of these products.

What'SUP? Single-Use Plastics (SUP) are next target in UK government's war on plastic waste

Published on 17 Aug 2022. By Eleanor Harley , Senior Associate

It only takes a short walk along London's Regent's Canal to witness the sheer volume of littered single-use plastics (SUP).

The Summer of ‘Pre-Love’: Has Fast Fashion been Dumped by the British Public?

Published on 20 Jul 2022. By Ela Broderick-Basar, Associate

ITV’s Love Island is back on our screens, officially marking the British summer. This year the show is dumping fast fashion and ‘coupling up’ with its first-ever second-hand clothing sponsor, eBay, with contestants now donning pre-loved pieces sourced from the resale platform.

Tips for approaching innovations using consumer data

Published on 19 Jul 2022. By Jon Bartley, Partner and Amy Blackburn, Senior Associate

Now more than ever, retailers are faced with a wide array of opportunities to use customer data to achieve their commercial objectives. By spotting and assessing key risks early, organisations will be better equipped to avoid breaches of data protection law that may lead to costly fines or claims, failed projects and reputational damage.

Are the brakes on for Quick Commerce?

Published on 20 Jun 2022. By Luke Stewart , Senior Associate and Eleanor Harley , Senior Associate

With consumers continuing to prioritise speed and convenience in the wake of the Covid-19 pandemic, there has been significant consumer uptake in the use of ultra-fast grocery delivery apps such as Zapp, Gorillas and Getir since early 2020.

Fake it till you make it? The Government says no more to fake reviews plus tightens up on subscription models

Published on 30 May 2022. By Stevie Vella , Associate

The UK Government has confirmed that new consumer rules will come into force to "shield the public from rip-offs and boost competition". Although not confirmed when these will be introduced, the top three issues on its hit list are fake reviews, "subscription traps" and prepayment schemes.

CMA pushing for more powers on sustainability

Published on 17 Mar 2022. By Ciara Cullen, Partner and Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead

Following its public consultation, the CMA has published its advice to government on how competition and consumer laws can help meet the UK's environmental goals.

Hire Heels: why the rental clothing market matters

Published on 16 Sep 2021.

The old saying that "you can't wear the same outfit twice" doesn't fit well with younger consumers in particular, who are concerned about sustainability and the environmental hazards posed by fast fashion outlets.

Buy-Now-Pay-Later under the regulatory microscope

Published on 07 Sep 2021. By Whitney Simpson, Of Counsel and Harvey Briggs, Associate

Growth in the Buy-Now-Pay-Later (BNPL) sector is showing no signs of slowing. Square's recent $29 billion acquisition of BNPL behemoth Afterpay being the latest signal that the market is on an upward trajectory. In 2020 alone over 10 million Brits used BNPL to purchase goods online, accounting for nearly 4% of online retail sales. The Financial Conduct Authority (FCA) found that usage had very nearly quadrupled to account for £2.7 billion of spending in 2020. Such popularity, particularly among Gen-Z and Millennials, spans the globe with American consumers spending an estimated $20 billion to $25 billion in 2020 by way of deferred payments.

A meaty debate: traditional vs lab-grown alternatives

Published on 13 Aug 2021. By Ben Mark, Partner

The number of vegans and vegetarians in the UK has skyrocketed in recent years and there are an increasing number of 'flexitarians' aiming to reduce their meat intake for health and environmental reasons. Barclays predicts the meat-alternatives market could be worth £140bn by 2029, which is equivalent to 10% of the global meat industry. This market includes both plant-based foods and newer lab-grown meats.

Marketing mishap costs Papa John's

Published on 14 Jul 2021. By Jon Bartley, Partner and Kiran Dhoot, Associate

Last month, the Information Commissioner's Office ("ICO") has issued a £10,000 fine to Papa John's for sending over 165,000 marketing messages without properly meeting the requirements of the "soft opt-in" rule.

Retailers to be consulted on new legislation for protection from terrorist attacks

Published on 22 Jun 2021. By Gavin Reese, Partner, Head of Regulatory

The Government is currently consulting with the public and retailers to seek their views on proposed legislation requiring the occupiers of "publicly accessible locations" to implement measures to protect employees and members of the public in the event of a terrorist attack.

Re-commerce: the future of luxury fashion?

Published on 21 Jun 2021. By Paul Joukador, Partner and Harpreet Kaur, Associate

With Gen Z successfully catapulting fashion resale platforms like Depop, StockX and Vinted into the limelight over the last decade, has the time come for the luxury market to enter the world of re-commerce?

The Great British (Local) High Street

Published on 14 Jun 2021. By Dea Gagoshidze, Associate

There is no doubt that the UK high street has been hit hard in recent years, not least by the impacts of the COVID-19 pandemic. But alongside the headline grabbing news of shop closures, there were in fact over 7,500 new shop openings between 1 January 2020 and 31 December 2020.

TerraLex virtual meeting: The new wave of M&A

Published on 18 Jun 2020. By Neil Brown, Partner and Paul Joukador, Partner

In this video presentation, RPC's Neil Brown and Paul Joukador meet with Lori Green and Rick McGuirk to discuss issues related to force majeure, frustration of purpose, material adverse change, and how they’ve been impacted and will likely change in the post-pandemic world.