11-Figure Class Action Suit Against Binance And Others Heading To UK Court
Investors behind the Bitcoin Satoshi Vision (BSV) Claims Limited collective have been cleared by a UK court to sue four cryptocurrency exchanges that they believe colluded to delist the token.
UK Tribunal Clears BSV Collective To Take Four Exchanges To Court
Binance, Kraken, Shapeshift and Bittylicious are the four exchanges in question and all delisted the BSV token in April 2019. The case will now proceed to trial in the United Kingdom.
We reported back in June that a hearing took place at London’s Competition Appeal Tribunal (CAT). At the hearing, Binance appealed to have a large portion of the $12.8 billion lawsuit against them thrown out.
If the £10B BSV investor class action lawsuit succeeds in the UK, it could open the door for individual BSV holders to file their own suits for damages against the exchanges based on the facts determined in the class action. This case could have major ripple effects. https://t.co/UCIBpmeTJM
— Gavin Gregory (@GavinMehl) July 30, 2024
BSV investors are accusing the four digital asset exchanges of violating the Competition Act 1998 via their collective delisting of the BSV token in April 2019. On 26 July 2024, the CAT rejected Binance’s bid to throw out the claim, claiming the matter involves findings of fact that can only be determined at trial. In doing so, the tribunal unanimously granted the application for certification. It ruled that the threshold for approving the claim had been met.
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BSV Investors Claiming An Early Win In Long Running Case
Binance argued that BSV investors should have take action in order to mitigate their losses by selling their tokens before the delisting date. On that point, the CAT did agree with the cryptocurrency exchange. This particular issue will likely be resolved at a separate, preliminary trial prior to the commencement of the full trial.
Overall, BSV investors are in high spirits with how the case has panned out thus far. Many holders of the token are claiming to have lost fortunes as a result of the delistings. Keen followers of the case will be hoping that the trial can shed some light on the true motivations behind the four exchanges delisting of BSV.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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