Binance, Kraken Face Legal Action For Delisting Bitcoin SV Over CSW’s Satoshi Claims
Crypto exchanges Binance and Kraken are set to face legal action in London this week as part of a three-day hearing brought by BSV Claims Ltd. The legal challenge arises from the exchanges’ decision to delist Bitcoin SV (BSV) in 2019. The delisting followed controversial claims by Craig Steven Wright (CSW) that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC).
BSV Claims Ltd argues that the delisting of BSV was based on fraudulent claims and collusion among the exchanges, which severely impacted the value and liquidity of BSV. According to BSV Claims Ltd, the exchanges’ actions were not only unfounded but also violated competition law. They specified the violation of Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Section 2 of the UK’s Competition Act 1998.
Moreover, the case revolves around a series of tweets between April 12 and April 19, 2019. These posts are referred to as the “Collusive Tweets,” where various crypto exchanges, including Binance and Kraken, disclosed their intentions to delist BSV.
This culminated in the delisting events from April 15 to June 5, 2019, where these Binance and Kraken followed through on their announcements. Furthermore, BSV Claims Ltd alleges that these actions constituted an anticompetitive agreement aimed at distorting competition in the cryptocurrency market.
Robert Buckland MP, who is standing in the upcoming UK general election for Swindon South against Labour’s Heidi Alexander, has been drawn into the controversy due to his advisory role with BSV Claims Ltd. Buckland, who receives £5,000 per quarter for advising the company for six hours per month, has faced criticism from BitMEX Research. In a post on X, BitMEX spotlighted his involvement in what they described as a “frivolous” case.
