Reuters reported on June 6 that cryptocurrency exchange Binance is attempting to minimize liability in a London lawsuit worth up to 10 billion pounds ($12.8 billion), accusing Binance and many other exchanges have colluded to “delist” the cryptocurrency Bitcoin Satoshi Vision (BSV).
The case was brought by BSV Claims, a group representing more than 200,000 BSV owners, at the London Competition Appeal Tribunal (CAT). BSV Claims alleges the exchanges colluded to delist BSV in 2019, leading to a severe decline in BSV's value and hindering its potential to become a leading cryptocurrency. This part of the lawsuit is estimated to cost up to £9 billion.
According to information from BSV Claims' lawyer, the exchanges do not object to certifying the lawsuit under the British class action regime, equivalent to the class action regime in the US. This certification is only the first step in the litigation process.
However, Binance has asked the CAT to remove the allegation about BSV's potential to become a leading cryptocurrency, an allegation made on behalf of those who still hold BSV after the coin's demise. delisted.
Binance's lawyer, Brian Kennelly, said that the decision to keep BSV was completely voluntary. According to him, BSV holders could have sold them and invested in other equivalent cryptocurrencies.
BSV Claims' lawyer affirmed that this issue should be brought to trial along with other issues in the lawsuit.
Binance currently refuses to comment on the ongoing lawsuit. A spokesperson for Kraken, another exchange sued, said the lawsuit was “baseless.”
The lawsuit stems from the delisting of BSV by Binance, Kraken and other exchanges in 2019, partly due to claims made by Australian computer scientist Craig Wright, who is believed to be Satoshi Nakamoto.
The fact that Binance wants to minimize the majority of the allegations in the lawsuit shows the seriousness of the issue and the controversy over BSV's potential in the cryptocurrency industry. The lawsuit promises to attract the attention of investors and legal experts globally and may affect BSV's future in the market.
