Cryptocurrency exchange giant Binance is contesting a major portion of a £10 billion ($12.8 billion) claim filed against it in London. The lawsuit, brought on behalf of over 200,000 Bitcoin Satoshi Vision (BSV) coin owners, accuses Binance and other exchanges of manipulating the market by delisting BSV in 2019.
The crux of the case revolves around the alleged “anti-competitive behavior” of Binance and other unnamed exchanges in delisting BSV. Lawyers representing BSV Claims argue that this action significantly decreased BSV’s value, hindering its potential to become a major cryptocurrency. The lawsuit seeks up to £9 billion in compensation for these alleged losses.
While Binance hasn’t challenged the lawsuit’s certification under the UK’s collective proceedings regime, they have requested the Competition Appeal Tribunal (CAT) to dismiss the section concerning BSV’s missed potential. This specifically pertains to investors who held onto their BSV after the delisting. Binance’s legal team argues that these individuals made a “voluntary decision” and could have sold their holdings to invest elsewhere. BSV Claims counters this argument, insisting the entire case be heard together.
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Both Binance and Kraken, another exchange named in the lawsuit, declined to comment on the ongoing litigation when contacted by Reuters. The report suggests that the delisting was partially influenced by claims from Australian computer scientist Craig Wright, who maintains he is the pseudonymous creator of Bitcoin, “Satoshi Nakamoto.” However, a separate legal case earlier this year found Wright to have lied about his claims, with Wright intending to appeal the ruling.
The outcome of this lawsuit has the potential to impact Binance, other involved exchanges, and the wider cryptocurrency landscape. As the case progresses, stakeholders will be keenly watching the CAT’s decisions and the lawsuit’s overall development. Interestingly, amidst this legal battle, Binance’s native token, BNB, has reached a new all-time high of $715, marking a 17% surge in the past week.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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