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Directors beware: Key legal shifts in 2024 and what’s ahead for 2025

Published on 19 Feb 2025. By James Wickes, Partner

The legal landscape for directors and officers (D&O) underwent significant developments in 2024, with court rulings and regulatory changes raising the stakes for company leaders and their insurers.

Navigating PRA's data request for crypto-asset exposure

Published on 29 Jan 2025. By James Wickes, Partner

On Dec. 12, the Prudential Regulation Authority issued a data request to identify firms' current and expected future crypto-asset exposures. In this blog, we discuss the request, and what implications may arise for financial institutions and their insurers.

Cracking Down on High-Risk Investments: FCA considers industry performance

Published on 11 Oct 2023. By Dorian Nunzek, Trainee Solicitor

After introducing stricter rules for the promotion of Restricted Mass Market Investments (RMMIs) in February 2023, the FCA continues to monitor the performance of firms, is conducting a multi-firm review and has outlined good and poor practices in the industry.

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

Published on 09 Oct 2023. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead and Hettie Homewood , Senior Associate

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

The FCA sets expectations ahead of incoming cryptoasset marketing rules

Published on 28 Sep 2023. By Kerone Thomas, Associate and Faheem Pervez, Senior 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 Cryptoasset reporting obligations for businesses

Published on 02 Jun 2025. By Adam Craggs, Partner and Michelle Sloane, Partner and Liam McKay, Of Counsel

The UK is adopting the OECD’s Cryptoasset Reporting Framework (CARF) and expanding it to include domestic data collection and reporting requirements. Starting from 1 January 2026, businesses operating in the cryptoasset sector will face new obligations to collect and report data to HMRC.

New reporting obligations for Cryptoasset users

Published on 02 Jun 2025. By Adam Craggs, Partner and Michelle Sloane, Partner and Liam McKay, Of Counsel

The UK is adopting the OECD’s Cryptoasset Reporting Framework (CARF) and expanding it to include domestic data collection and reporting requirements. From 1 January 2026, users of cryptoasset service providers will be required to provide identifying information to those providers, which may then be reported to HMRC.

D'Aloia – High Noon for Crypto-Tracing

Published on 17 Oct 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Of Counsel

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.

High Court permits enforcement of foreign judgment in crypto recovery case

Published on 22 Jul 2024. By Dan Wyatt, Partner and Christopher Whitehouse, Of Counsel

Tai Mo Shan Ltd v. Persons Unknown [2024] EWHC 1514 (Comm)

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, Of Counsel

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, Of Counsel

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.

What To Know About AI Fraudsters Before Facing Disputes

Published on 29 Aug 2023. By Dan Wyatt, Partner and Christopher Whitehouse, Of Counsel

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, Of Counsel

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.

New legislation proposed to bring FCA regulation to cryptoasset promotions

Published on 07 Jul 2023. By Oliver Bray, Senior Partner, Technology, Media & Telecoms Sector Lead

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

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, Of Counsel

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 , Senior 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, Of Counsel 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, Of Counsel 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, Of Counsel and Dan Wyatt, Partner and George Fahey , Senior 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, Of Counsel

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, Of Counsel

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, Of Counsel 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, Of Counsel

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, Of Counsel

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

Crypto & Digital Assets Disputes

Our crypto and digital asset dispute lawyers have deep technical knowledge of the sector and the technology powering it alongside vast experience in navigating the commercial and legal complexities. Where fraud has occurred, we move fast to secure and recover stolen digital assets.

Money Covered: The Week That Was – 25 July 2025

Published on 25 Jul 2025. By Rachael Healey, Partner and David Allinson, Partner and George Smith, Partner and Kirstie Pike, Partner and Kate Hill, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was - 18 July 2025

Published on 18 Jul 2025. By Rachael Healey, Partner and David Allinson, Partner and George Smith, Partner and Kirstie Pike, Partner and Kate Hill, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was - 11 July 2025

Published on 11 Jul 2025. By Rachael Healey, Partner and David Allinson, Partner and George Smith, Partner and Kirstie Pike, Partner and Kate Hill, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was - 4 July 2025

Published on 04 Jul 2025. By Rachael Healey, Partner and David Allinson, Partner and George Smith, Partner and Kirstie Pike, Partner and Kate Hill, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

FRC overhauls Investor Stewardship Code for 2026

Published on 06 Jun 2025. By Daniel Parkin, Associate and Zoe Melegari, Senior Associate

On 3 June 2025, the Financial Reporting Council (FRC) published the UK Stewardship Code 2026 that will take effect from 1 January 2026.

FOS to consult on interest - Is 8% too high?

Published on 06 Jun 2025. By Hattie Hill, Associate

On 4 June 2025 the Financial Ombudsman Service (FOS) opened a consultation into the standard interest applied to its awards which has historically been applied at 8%.

FOS' jurisdiction - a judicial review with wider consequences?

Published on 30 May 2025. By Rachael Healey, Partner

FOS rejected a complaint on jurisdiction grounds finding that it had been brought out of time. The complainants challenged FOS' decision to reject the complaint on time bar grounds, arguing that the respondent bank had waived its right to rely on time bar as it had failed to raise time bar in its Final Response Letter. The High Court found that the failure of the respondent bank to raise time bar in its Final Response Letter did not mean you could infer that the bank had waived any right to raise time bar, but it did mean the Final Response Letter was not DISP compliant.

Money Covered: The Week That Was – 30 May 2025

Published on 30 May 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 23 May 2025

Published on 23 May 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 16 May 2025

Published on 16 May 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 9 May 2025

Published on 09 May 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 25 April 2025

Published on 25 Apr 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 17 April 2025

Published on 22 Apr 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Supreme Court upholds that fiduciaries must act with "single-minded loyalty toward their principals (or beneficiaries)"

Published on 22 Apr 2025. By Daniel Parkin, Associate and Zoe Melegari, Senior Associate

In Rukhadze and others v Recovery Partners GP Ltd and another [2025] UKSC 10, the Supreme Court unanimously affirmed the legal test for the account of profits rule (the Profit Rule).

Money Covered: The Week That Was – 11 April 2025

Published on 11 Apr 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 4 April 2025

Published on 04 Apr 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Money Covered: The Week That Was – 28 March 2025

Published on 28 Mar 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

FCA launches a market study into the pure protection market

Published on 28 Mar 2025. By Matthew Griffith, Partner and Jonathan Charwat, Partner and Rachael Healey, Partner

Having committed to reviewing the pure protection market in August 2024, the FCA has now launched its market study alongside updated terms of reference. The focus is on fair value and commissions which is notable given that by the time the FCA publishes its findings we are likely to have both the Supreme Court decision in the MotoNovo Finance case and the Court of Appeal's decision in a judicial review of a FOS decision in the motor vehicle finance sector and the operation of discretionary commission arrangements. The market study will also be the FCA's first deep dive into the distribution aspects of the Consumer Duty in relation to in-scope products.

FRC to back growth in a new three-year plan – impacting auditors, actuaries, and D&Os

Published on 24 Mar 2025. By Rachael Healey, Partner

FRC to Back Growth in a New Three-Year Plan – impacting auditors, actuaries, and D&Os The FRC has published its Strategy for 2025-2028 and its Annual Business Plan and Budget for 2025-2026, following a period of consultation and engagement with stakeholders. There are some key messages alongside the Strategy, Plan and Budget, with the FRC emphasising an intention to support UK economic growth and investment whilst serving the public interest through "smart, targeted and proportionate" regulation. The three-year strategy and annual budget allow the FRC to set out interim objectives whilst they prepare for the Government's draft legislation to modernise its statutory powers and ensure that they are fit for purpose.

Money Covered: The Week That Was - 28 February 2025

Published on 28 Feb 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.