Binance Fights $13 Billion Lawsuit: Seeks to Reduce Claim in UK Court

Binance faces a $13 billion lawsuit for allegedly delisting BSV token in 2019, impacting over 200,000 BSV owners. Binance argues that holders made voluntary decisions to retain BSV.

BSV Delisting Controversy

In a significant legal battle, Binance is contending with a $13 billion lawsuit brought by over 200,000 BSV coin owners. The lawsuit alleges that Binance and other exchanges engaged in “anti-competitive behavior” by delisting the BSV token in 2019. According to BSV Claims, the delisting severely impacted BSV’s value and hindered its potential to become a top-tier cryptocurrency, leading to a claim worth up to £9 billion.

While Binance has not opposed the case’s certification under the UK’s collective proceedings regime, the exchange has requested the Competition Appeal Tribunal (CAT) to dismiss the aspect of the lawsuit concerning BSV’s potential as a major cryptocurrency. This part of the case represents individuals who retained their BSV holdings post-delisting.

Binance Legal Arguments

Binance legal representative, Brian Kennelly, asserted that those who held onto BSV made a “voluntary decision” and had the option to sell and invest in other comparable cryptocurrencies. However, BSV Claims’ lawyers argue that this issue should be addressed in trial alongside the rest of the case.

When approached by Reuters for comment, Binance declined to provide a statement on the ongoing litigation. Kraken, another exchange named in the lawsuit, dismissed the claims as “baseless.”

The decision to delist BSV by Binance, Kraken, and other exchanges in 2019 was partly influenced by claims from Australian computer scientist Craig Wright, who alleged to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Earlier this year, Wright was found to have lied and forged documents to support his claim, a ruling he intends to appeal.

Implications for the Crypto Community

The outcome of this lawsuit could have significant repercussions for Binance, other exchanges, and the broader cryptocurrency community. Stakeholders are closely monitoring the proceedings and the decisions of the Competition Appeal Tribunal.

As of now, Binance native token, BNB, is trading at $700, having surged 17% in the past week to reach a new all-time high of $715.

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