Binance is seeking to have most of the charges thrown out in a U.K. case involving the delisting of Bitcoin SV (BSV).

The case not only involves Binance, but also names the companies behind Kraken, Shapeshift, and Bittylicious as defendants, Reuters reported on June 5. Despite this, Binance and other companies do not object to the certification of the case under the UK class action system, which would move the case toward trial proceedings.

At the hearing, Binance asked the UK Competition Appeal Tribunal to dismiss part of the plaintiff's case that BSV has the potential to become a major cryptocurrency. Binance lawyer Brian Kennelly pointed out that investors who held BSV during the delisting period chose to hold it voluntarily and could have exchanged it for other assets.

Billions of pounds in litigation claims

The claims that Binance is seeking to dismiss cover the vast majority of the value sought by plaintiff BSV Claims Ltd., specifically £900 million of its total claim of £1 billion, or $11.5 billion of its $12.8 billion in U.S. dollar terms.

The plaintiffs allege that there was a premeditated conspiracy among the exchanges to influence the price of Bitcoin SV (BSV) by damaging its market prospects and delisting it. They point to the exchanges’ open communication on Twitter (now known as X) as evidence of their conspiracy.

This behavior allegedly caused the value of BSV to drop and left investors without a meaningful opportunity to withdraw their funds, with the forced conversions further causing investor losses.

In addition, the plaintiffs claimed that the exchanges’ actions violated the UK Competition Act 1998, a law designed to maintain market competition order and protect consumer interests.

However, the case is brought on behalf of 240,000 UK investors who may have suffered financial losses as a result of the exchange's actions. #BSV #币安 #英国 #诉讼

Specific reasons for delisting

In April 2019, as Craig Wright, the leader of Bitcoin SV (BSV), claimed to be Satoshi Nakamoto, the founder of Bitcoin, and began to take legal action around his self-proclaimed identity, major exchanges chose to delist BSV.

In this context, Binance also announced the delisting of BSV, but only provided some basic reasons at the time. It is worth noting that on the eve of the official delisting announcement, Binance’s former CEO Zhao Changpeng also questioned Wright’s claim to be Satoshi Nakamoto.

ShapeShift and Bittylicious exchanges also delisted BSV and mentioned the influence of Binance or Zhao Changpeng on their decisions on social media Twitter.

In addition, Kraken exchange claims that they decided to delist BSV due to threats and legal actions from the BSV team. At the same time, Kraken also mentioned a survey participated by 70,000 users, who expressed support for delisting BSV in the survey. This survey was used as evidence by the plaintiffs in the current lawsuit to try to prove conspiracy between exchanges. $BNB

Conclusion:

The Bitcoin SV (BSV) delisting lawsuits faced by Binance and other exchanges highlight the complexity of regulation and self-regulation in the cryptocurrency market. The plaintiffs’ allegations of price manipulation, market collusion, and violations of the Competition Act all point to issues of transparency and fairness in the exchange’s decision-making process.

This case not only involves huge claims, but also concerns the vital interests of 240,000 British investors. Its outcome may have a profound impact on the operating model of cryptocurrency exchanges and the regulatory environment of the entire industry.

As the lawsuit progresses, all parties will need to provide solid evidence in court to prove the legality of their actions or reveal the truth. This case also reminds all market participants that the healthy development of the cryptocurrency market needs to be based on transparency, fairness and the rule of law.

In the future, with the gradual improvement of the regulatory framework and the enhancement of market participants' self-discipline awareness, we look forward to the formation of a more mature and robust cryptocurrency market environment.