A renewed phase has been entered in the ongoing dispute between Bitcoin SV investors and cryptocurrency exchange Binance, as efforts are being made by the plaintiffs to reverse a previous court ruling.
It is being maintained by the investors that significant market harm was inflicted on the cryptocurrency due to Binance’s decision to delist Bitcoin SV from its platform.
A challenge has been filed by legal counsel representing the BSV holder coalition against the UK Competition Appeal Tribunal’s July 2024 dismissal. As indicated in recent court filings, it was argued that the tribunal did not adequately assess the complete economic consequences resulting from the delisting decision.
Multi-Billion Pound Lawsuit Hangs in the Balance
One of the most substantial damages claims in the history of cryptocurrency could potentially result from the revived case, with compensation exceeding £10 billion (around $13 billion) being sought by BSV investors for alleged market manipulation and anti-competitive conduct.
It has been observed by market analysts that the reinstated legal proceedings coincided with a brief surge in Bitcoin SV’s price. A 15% increase was experienced by the coin before stabilizing around the $42 mark at the time of reporting. Nevertheless, the cryptocurrency remains below its historical peak values.
The controversy was sparked by Binance’s move to delist BSV in April 2019, amid a heated industry debate surrounding the coin’s founder and his questionable assertions regarding Bitcoin’s origins. Similar delisting measures were subsequently implemented by several other prominent exchanges.
It has been suggested by industry observers that this case could set significant precedents concerning the extent of authority held by exchanges in deciding which cryptocurrencies remain available to traders, and whether such delisting actions might be interpreted as anti-competitive behavior within current regulatory structures.
BSV, which was created through a disputed hard fork, has encountered multiple technical and security issues in recent years. The original decisions to delist the coin have been defended by critics, who cite its network vulnerabilities as valid justification.
It has been consistently maintained by the exchange that its listing policies are enforced uniformly, relying on technical criteria and community norms, rather than being aimed at singling out particular projects.
