The U.S. Supreme Court on Friday backed cryptocurrency exchange Coinbase Global Inc's bid to halt customer lawsuits while it pursues appeals aimed at moving the disputes out of courts and into private arbitration, which businesses often prefer over litigation.
The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton
The justices, in a 5-4 decision, overturned a lower court's ruling involving a user who sued after a scammer stole money from his account. The lower court had let a proposed class action lawsuit proceed while Coinbase pressed its appeal contending that the claims belong in arbitration. The justices dismissed a second case that Coinbase had asked it to review.
Coinbase's exchange allows users to transact in digital currencies such as bitcoin and ether. The company asserts that its user agreement requires disputes to be resolved through arbitration and that under a law called the Federal Arbitration Act, which governs dispute resolution proceedings through arbitration, action in trial courts must come to a halt when a denial of a request to compel arbitration is appealed.
One of the cases involved a California lawsuit by customer Abraham Bielski, who alleged that a scammer stole more than $30,000 from his Coinbase account in 2021. The suit accused the company of violating the Electronic Funds Transfer Act by not investigating or recrediting Bielski's account.
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