Binance Struggles to Reduce Size of $13 Billion Lawsuit Filed in UK Over BSV Delisting
crypto exchange binance He tried to dismiss most of a case in London worth as much as £10 billion ($12.8 billion). The lawsuit alleges that Binance and other exchanges colluded to “delist” the Bitcoin Satoshi Vision (BSV) cryptocurrency. This case is being heard in the London Competition Appeal Tribunal (CAT) and involves more than 200,000 BSV holders.
Binance Requests Dismissal of £10 Billion Lawsuit
In the lawsuit filed by BSV Claims, Binance Krakenand other exchanges engaged in anticompetitive behavior by delisting BSV in 2019. BSV Claims lawyers argue that this delisting caused the value of BSV to drop significantly. They also claim to block BSV By valuing this aspect of the bet at up to £9bn, it has avoided becoming a “top tier” cryptocurrency.
The exchanges do not oppose certification of the case under the UK’s class action regime, similar to the class action system in the US. Certification will be the first step in the case. However, Binance requested the CAT to dismiss the part of the case that alleged BSV’s potential to become a major cryptocurrency. This part of the case is for those who held BSV after delisting.
kraken Says BSV Lawsuit Is Baseless
Binance’s lawyer, Brian Kennelly, argued that those who held BSV made a “completely voluntary decision.” He said they could “reasonably sell it and reinvest in a similar cryptocurrency.” Kennelly also argued that this part of the case should not proceed.
However, BSV Claims’ lawyers argue that this matter should be heard in the same way as the rest of the case. They argue that delisting is an anti-competitive behavior that affects the market position and value of the cryptocurrency.
A spokesperson for Binance declined to comment on ongoing litigation. A representative for Kraken, meanwhile, called the lawsuit “baseless.” Exchanges including Binance and Kraken removed BSV from their platforms in 2019. This decision was motivated in part by the claims of an Australian computer scientist. Craig Wright. Wright claimed that he was the pseudonymous inventor of Bitcoin known as “Satoshi Nakamoto.”
In a separate lawsuit filed earlier this year, Wright was found to have lied and forged documents to support his claim. Satoshi Nakamoto. Wright stated that he would appeal this decision. This context adds complexity to the ongoing litigation regarding BSV’s delisting.
The outcome of the case could have significant implications for the cryptocurrency market. If exchanges are found guilty of anti-competitive behavior, it could set a precedent for how cryptocurrencies are listed and delisted on major exchanges.
So read: Bank of Canada Reduced Interest Rate: Effects on Bitcoin (BTC) Price
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
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