Bitcoin SV (BSV) holders are making another legal attempt to challenge a prior court ruling in their ongoing dispute with cryptocurrency exchange Binance. The case revolves around the exchange’s decision to delist Bitcoin SV in 2019, a move that BSV investors argue caused significant damage to the cryptocurrency’s market value.
The investors have filed an appeal with the UK Competition Appeal Tribunal, seeking to overturn its dismissal of the case in July 2024. Their legal team contends that the tribunal did not adequately consider the full economic impact of Binance’s delisting decision, which they claim amounted to market manipulation and anti-competitive conduct.
This revived legal action is not only a bid for compensation but could also potentially become one of the largest damages claims in cryptocurrency history. The plaintiffs are seeking over £10 billion (around $13 billion) for the alleged harm caused to the BSV market.
The new filing coincided with a temporary surge in Bitcoin SV’s price, which briefly spiked by 15%, before settling at around $42. Despite the brief rally, BSV’s value remains significantly below its all-time highs.
The controversy dates back to April 2019 when Binance, amidst a wider industry dispute about BSV’s controversial founder and his statements regarding Bitcoin’s origins, decided to remove the coin from its platform. This move was soon followed by other major exchanges, contributing to a broader market shift away from Bitcoin SV.
Industry experts suggest that the outcome of this case could set important precedents regarding the extent of exchange authority in delisting cryptocurrencies. It may also clarify whether such decisions can be legally interpreted as anti-competitive actions under current regulatory standards.
Bitcoin SV, which emerged after a contentious hard fork from Bitcoin, has faced ongoing technical and security issues. Critics argue that these vulnerabilities justified the initial delistings, but BSV proponents continue to assert that the decisions were driven by market manipulation rather than legitimate technical concerns.
Binance, for its part, has maintained that its listing policies are based on technical merit and community standards, asserting that no targeted actions were taken against Bitcoin SV specifically.
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