Binance seeks to dismiss the majority of £10 billion London lawsuit
Binance logo displayed at Delta Summit in Ta' Qali, Malta.
Binance, a cryptocurrency exchange, seeks to dismiss most of a case filed in London and valued at up to £10 billion ($12.8 billion). The lawsuit claims that Binance and other exchanges collaborated to "delist" the Bitcoin Satoshi Vision (BSV) cryptocurrency.
BSV owners act
The complaint, which is being heard at London's Competition Appeal Tribunal (CAT), was filed on behalf of more than 200,000 BSV owners. BSV Claims, a legal organization formed to prosecute the issue, claims that Binance, Kraken, and other exchanges committed anti-competitive behaviour by delisting BSV in 2019. This lawsuit, according to BSV Claims, resulted in a considerable reduction in BSV's value and hampered its ability to become a prominent cryptocurrency, with damages ranging up to £9 billion ($11.25 billion).
Certification under the UK collective proceedings regime
BSV Claims' lawyers have stated that the exchanges are not opposing the case's certification under the UK's collective proceedings scheme, which is akin to the US class action system. Certification is simply the first step in this legal battle. However, Binance has requested that the CAT dismiss the aspect of the lawsuit involving BSV's apparent potential to become a "top tier" cryptocurrency. This section of the lawsuit focuses on those who retained BSV after it was delisted.
Legal arguments and responses
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Brian Kennelly, representing Binance, contended that those who retained BSV did so voluntarily, claiming that they "could reasonably have sold it and reinvested it in comparable cryptocurrency." However, BSV Claims' lawyers argue that this issue justifies a trial alongside the remainder of the case.
Binance has not commented on the ongoing dispute. Meanwhile, Kraken's spokesperson described the case as "baseless."
Background and context
The decision by Binance, Kraken, and other exchanges to delist BSV in 2019 was influenced in part by statements made by Australian computer scientist Craig Wright. Wright, who has been linked to BSV, claimed to be Satoshi Nakamoto, the Bitcoin's pseudonymous founder. Wright was found guilty of fabricating evidence to back up his accusations earlier this year in a different lawsuit. Wright intends to challenge the ruling.
(With inputs from Agencies)