Legal Battle Over Binance’s BSV Delisting Enters New Phase as Investors Revive Multi-Billion Pound Claim
The protracted dispute between Bitcoin SV (BSV) investors and global cryptocurrency exchange Binance has escalated, as plaintiffs move to overturn a previous court ruling that dismissed their claims of market manipulation.
Investors allege that Binance’s decision to delist BSV in April 2019 inflicted significant harm on the token’s value and market position. Legal counsel representing the coalition of BSV holders has formally filed a challenge to the UK Competition Appeal Tribunal’s July 2024 decision, which rejected their initial complaint. According to newly submitted court filings, the plaintiffs argue that the tribunal failed to adequately assess the broader economic consequences of Binance’s delisting move.
£10 Billion Compensation Claim in Play
At the heart of the revived litigation is a compensation claim that could exceed £10 billion (around $13 billion), potentially marking one of the largest damages cases in cryptocurrency history. The plaintiffs accuse Binance of anti-competitive conduct and market manipulation, alleging that the delisting distorted market dynamics and suppressed investor returns.
In response to news of the legal appeal, Bitcoin SV experienced a brief price surge, gaining as much as 15% before stabilizing around $42. Despite the temporary rally, BSV continues to trade well below its historical highs.
The controversy stems from Binance’s removal of BSV following public backlash against the coin’s founder and his controversial claims regarding Bitcoin’s origins. Several other major exchanges followed suit, prompting accusations of coordinated market behavior.
Potential Precedent for Exchange Authority
Legal experts and industry analysts believe the outcome of this case could set a critical precedent regarding the power cryptocurrency exchanges wield over market access. Central to the dispute is whether an exchange’s unilateral delisting decision can be classified as anti-competitive under current regulatory standards.
Bitcoin SV, itself a product of a contentious hard fork from Bitcoin Cash, has struggled with technical reliability and security issues. Critics argue that these flaws justified the original delisting, while Binance has consistently defended its listing practices, stating that decisions are made based on objective criteria such as technical merit and community support.
As the legal battle intensifies, the crypto industry is closely watching the case for implications that could reshape how digital assets are listed—and delisted—on major trading platforms.
Related Topics:
