UK High Court Rules on Crypto Asset Recovery in Yuen v Li [2026] EWHC 532, UK, March 2026

On March 10, 2026, Mr Justice Cotter of the King's Bench Division of the High Court of England and Wales handed down judgment in Ping Fai Yuen v Fun Yung Li & Anor [2026] EWHC 532 (KB), Case No. KB-2025-004313. The claimant sought recovery of crypto assets — including Bitcoin and Ether — transferred to the defendants pursuant to an alleged fraudulent investment scheme. The court granted judgment for the claimant and made orders for asset recovery and disclosure against the defendants.

The court applied established English law principles on fraud and unjust enrichment to crypto asset recovery. The judgment confirms that crypto assets held in digital wallets are capable of being the subject of proprietary claims and tracing orders under English law. The court relied on the analysis in AA v Persons Unknown [2019] EWHC 3556 (Comm) and subsequent authorities establishing that crypto assets constitute property for the purposes of English law. The disclosure order required the defendants to provide details of all wallet addresses, private keys, and exchange accounts in which the claimant's assets were held or transferred.

Victims of crypto fraud in England and Wales may pursue proprietary claims to trace and recover digital assets through the High Court. The Yuen v Li decision confirms the court's willingness to grant disclosure orders compelling defendants to identify wallet addresses and exchange accounts. Claimants may apply for worldwide freezing orders and Bankers Trust disclosure orders against crypto exchanges holding the defendants' assets, even where those exchanges are headquartered outside the UK. The judgment adds to the body of English case law confirming that crypto assets can be the subject of proprietary injunctions preventing dissipation.

The judgment does not address the tax treatment of recovered crypto assets or the position of innocent third-party exchanges that received transferred assets. Enforcement of the disclosure and recovery orders against defendants outside the UK remains subject to the rules on service out of the jurisdiction and recognition of English judgments abroad. The Court did not decide whether crypto assets are to be treated as legal or equitable property under English law, leaving that question for future determination.

Prokopiev Law Group advises crypto fraud victims, digital asset investors, and financial institutions on crypto asset recovery litigation and enforcement in English courts. The firm maintains a dedicated partner network for High Court proprietary claims, worldwide freezing orders, Bankers Trust applications, and cross-border enforcement — areas encompassing crypto asset tracing, fraud litigation, civil asset recovery, and international enforcement of English judgments.

Source: Ping Fai Yuen v Fun Yung Li & Anor [2026] EWHC 532 (KB), Case No. KB-2025-004313, Mr Justice Cotter, handed down 10 March 2026. The National Archives (UK), Find Case Law. Official URL: https://caselaw.nationalarchives.gov.uk/ewhc/kb/2026/532. Confirmed April 2, 2026.

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