Binance seeks to dismiss the bulk of a £10 billion lawsuit in London over BSV delisting claims and alleged anti-competitive behavior.
Binance seeks to dismiss a significant portion of a £10 billion lawsuit in London over BSV delisting claims.
The lawsuit involves accusations of anti-competitive behavior by Binance, Kraken, and other exchanges.
BSV Claims argues that the 2019 delisting caused BSV's value to drop and hindered its growth.
Crypto exchange Binance has sought to dismiss most of a London lawsuit valued at up to £10 billion ($12.8 billion). The lawsuit claims Binance and other exchanges colluded to “delist” the Bitcoin Satoshi Vision (BSV) cryptocurrency. This case is being heard at London’s Competition Appeal Tribunal (CAT) and involves over 200,000 BSV owners.
Binance Seeks Dismissal of £10 Billion Lawsuit
The lawsuit, brought by BSV Claims, alleges that Binance, Kraken, and other exchanges engaged in anti-competitive behavior by delisting BSV in 2019. Lawyers for BSV Claims argue that this delisting caused BSV’s value to drop significantly. They also claim it prevented
BSV from becoming a “top-tier” cryptocurrency, valuing this aspect of the claim at up to £9 billion.
The exchanges do not oppose the case’s certification under the UK’s collective proceedings regime, similar to the U.S. class action system. Certification would be the first step in the lawsuit. Binance, however, has requested the CAT to dismiss the part of the case concerning BSV’s alleged potential to become a significant cryptocurrency. This part of the case is for those who retained BSV after delisting it.
Kraken Calls BSV Lawsuit Baseless
Binance’s lawyer, Brian Kennelly, argued that those who kept BSV made “an entirely voluntary decision.” He said they “could reasonably have sold it and reinvested it in comparable cryptocurrency.” Kennelly further contended that this part of the lawsuit should not proceed.
BSV Claims’ lawyers, however, maintain that the issue should be tried in the same way as the rest of the case. They argue that the delisting was an anti-competitive behavior that affected the cryptocurrency’s market position and value.
A spokesperson for Binance declined to comment on the ongoing litigation. Meanwhile, a representative for Kraken described the lawsuit as “baseless.” The exchanges, including Binance and Kraken, removed BSV from their platforms in 2019. This decision was partly due to claims made by Australian computer scientist
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