In Beltran, Julian Moreno and another v Terraform Labs Pte Ltd and others  SGHC 340 the Singapore High Court has declined to stay a cryptocurrency case in favour of SIAC arbitration.
The representative action was brought by users of a Singapore-based cryptocurrency platform (Terraform), following a sharp decline in value of their tokens. The defendants applied to stay the claims in favour of arbitration. The High Court held that, whilst there was prima facie evidence of an arbitration agreement in the parties’ web-based contract, the defendants had taken steps in the litigation which amounted to a waiver of their jurisdictional objection.
The High Court’s judgment is an important reminder for parties seeking to rely on arbitration clauses in website terms to design website architecture carefully in order to ensure that online terms, including arbitration clauses, are sufficiently brought to the attention of users and to maximise the prospects of the arbitration clause being enforceable.