LEXLAW Solicitors & Barristers
In Tulip Trading Ltd v van der Laan & Ors [2023] EWCA Civ 83, the Court of Appeal held that software developers maintaining Bitcoin networks may arguably owe fiduciary duties to crypto owners, recognising a serious issue to be tried on whether developers’ control over blockchain code gives rise to duties of loyalty and care towards asset holders.
We successfully represented a client in a significant cryptocurrency loan dispute. On 2 July 2024, the High Court handed down a judgment varying the valuation date for assessing damages in lieu of specific performance. Initially, the County Court had set the valuation date at the breach in 2019, which did not account for the significant increase in Ethereum’s value.
The FCA has issued a strong warning over widespread mis-selling of complex and risky Contracts for Difference (CFDs) to retail investors, finding poor target market definitions, inadequate due diligence, and weak conflict of interest management among providers. Many unsophisticated consumers suffer significant losses, with 76% losing money, including pension funds unknowingly invested in CFDs. The FCA’s crackdown includes tougher regulations and possible supervisory interventions to protect vulnerable investors. Consumers mis-sold CFDs can seek redress through complaints, the Financial Ombudsman, or legal claims.