Binance Fights to Reduce Size of $13 Billion UK Lawsuit Over BSV Delisting

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As an analyst with extensive experience in the crypto market, I believe that the ongoing lawsuit against Binance and other exchanges for allegedly colluding to delist Bitcoin Satoshi Vision (BSV) is a significant development. The potential financial implications of this case are massive, with claims reaching up to £10 billion ($12.8 billion).

As a legal analyst, I’ve reviewed Binance‘s response in the ongoing £10 billion ($12.8 billion) lawsuit filed against them at London’s Competition Appeal Tribunal (CAT). The primary allegation is that Binance and other crypto exchanges conspired to “delist” Bitcoin Satoshi Vision (BSV) cryptocurrency from their platforms. Over 200,000 BSV owners are involved in this case. In their defense, Binance has sought to dismiss most of the claims made against them.

Binance Seeks Dismissal of £10 Billion Lawsuit

BSV Claims’ legal team asserts that Binance, Kraken, and other cryptocurrency exchanges are accused of anticompetitive practices in a lawsuit they filed. Specifically, these exchanges allegedly harmed BSV by delisting it in 2019. The lawyers argue that this action led to a substantial decrease in BSV’s value and hindered its potential growth as a major cryptocurrency, with damages potentially reaching £9 billion.

In relation to the UK’s collective proceedings regime, which resembles the U.S. class action system, the parties involved in this dispute have not raised any objections to the case being certified as a whole. The certification process marks the initial stage of the lawsuit. However, Binance has asked the Court to discard the portion of the claim regarding BSV’s potential significance as a cryptocurrency. This specific aspect pertains to those who continued holding BSV following its delisting.

Kraken Calls BSV Lawsuit Baseless

I, Brian Kennelly, Binance’s lawyer, maintain that those who held onto BSV made an deliberate choice. They had the option to sell it and invest in another comparable cryptocurrency. Consequently, this aspect of the lawsuit should not move forward.

The legal team representing BSV Claims insists that the contentious matter at hand should be resolved using the same procedural methods as the remainder of the case. They contend that the delisting of Bitcoin SV from cryptocurrency exchanges constituted anticompetitive actions, negatively impacting the digital currency’s market standing and value.

As a researcher, I’ve come across some intriguing developments regarding the ongoing legal disputes involving cryptocurrency exchanges Binance and Kraken. Regarding Binance, I reached out to them for comment but received no response. On the other hand, Kraken’s representative described the lawsuit as “without merit.” Both exchanges took action in 2019, delisting Bitcoin SV (BSV) from their platforms. This decision was influenced by allegations made by Australian computer scientist Craig Wright. Wright claims to be the true identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin.

In independent court cases this year, it was determined that Wright falsified evidence and told untruths regarding his identification as Satoshi Nakamoto. He intends to challenge this decision in an appeal. The intricacy of these findings complicates the ongoing dispute concerning BSV’s removal from exchanges.

A potential judgment in this lawsuit might carry substantial consequences for the crypto market. If the accused exchanges are deemed to have violated fair competition practices, the fallout could shape the way cryptocurrencies get listed and eventually delisted from major trading platforms.

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2024-06-05 20:36