UK Authorities Begin Proceedings Against Six Exchanges Over 2019 Delisting of Bitcoin SV (BSV)
The UK’s Competition Appeal Tribunal has started proceedings against six major cryptocurrency exchanges over their 2019 decision to delist Bitcoin SV (BSV). Plaintiffs are seeking $9 billion in damages, highlighting the ongoing legal and financial complexities in the crypto industry.
Hearing of Big Crypto Exchanges Over Decision to Delist BSV
On June 5, the tribunal began hearings against Binance Europe Services, ShapeShift, Kraken (Payward), Bittylicious, and others. Legal teams from each exchange are involved, with the collective proceedings order (CPO) expected to last three days.
Bitcoin SV, launched in 2018 from a split with Bitcoin Cash (BCH), was delisted by exchanges like Binance and Kraken in 2019, sparking controversy. Kraken cited BSV’s behavior as “completely antithetical” to its values, while Binance offered minimal explanation.
In 2022, BSV Claims led a $12 billion class action lawsuit in the UK against Binance, Kraken, and others, arguing that BSV holders missed out on substantial growth opportunities due to the delistings.
A Similar Lawsuit Filed Last Year
In the US, Roche Freedman filed a class action lawsuit against major exchanges and token issuers, including Binance, KuCoin, and BitMEX, accusing them of selling unlicensed securities and market manipulation. The lawsuits also target figures like Binance CEO Changpeng Zhao and Block.one’s Dan Larimer.
Roche Freedman, known for cryptocurrency litigation, claims these exchanges manipulated prices for profit, resulting in substantial illicit gains. These lawsuits could set legal precedents on securities offerings and jurisdictional responsibilities, though some companies have opted for out-of-court settlements.
This phase marks a critical point in the ongoing dispute between regulators and crypto companies, with significant financial claims resulting from the delistings.
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