A Dutch court has ruled against a group of investors seeking compensation for losses related to the Bux Token, the cryptocurrency launched by Dutch trading platform Bux in 2020. The landmark case, the first of its kind in the Netherlands for private crypto users, saw the investors’ claim dismissed, leaving them to bear their full financial losses.
Bux Token Lost Value After Services Were Halted #
Introduced in 2020, the Bux Token was part of a rewards model on the Bux platform. It was presented as a ‘utility token’—a cryptocurrency with a specific function within the ecosystem. Buyers received benefits, such as commission-free crypto trading.
However, following Bux’s announced acquisition by the crypto-skeptical ABN AMRO in 2023, the company decided to cease all crypto-related services. This move included ending support for the Bux Token.
With the promised functionality gone, the token lost virtually all of its value. For many users, investments ranging from a few hundred to tens of thousands of euros became worthless.
Investor Steven Deurloo, representing dozens of affected individuals, took the matter to court. They argued that Bux had presented the token ambiguously: at times as a simple utility tool, and at other times as a promising crypto asset that would grow alongside the company’s success.
Judge: Terms Were Clear, Risk Lies with Buyer #
In its ruling, the court determined that the terms and conditions at the time of the token’s issuance clearly stated it was not an investment with a guaranteed return. The court placed the risk of any potential value appreciation entirely on the buyer.
Deurloo had sought compensation of approximately one euro per token, but the judge rejected this claim. As a result, the financial damage remains entirely with the investors.
This ruling sets a significant precedent in the Netherlands. It underscores that a ‘utility token,’ even when tied to platform benefits, is not automatically considered an investment product. The legal protection for users is limited when a token’s value is dependent on future functionality or the success of the issuing platform.
For the broader crypto market, the case serves as a signal that projects promising user rights and potential value appreciation still carry substantial risks. It highlights that the legal landscape surrounding tokens continues to evolve.