Yesterday, the Supreme Court (SC) handed down judgment in Philipp v Barclays Bank UK Plc [2023] UKSC 25. In summary, the SC found that banks do not owe a duty to refrain from executing customers’ direct payment instructions where there may be an attempt to defraud the customer.

Cryptoassets are traded on a global basis. Indeed, the markets are even more global and constant than markets in more conventional financial instruments, rivalled only perhaps by the FX markets in their reach.