An ongoing legal case stemming from multiple exchanges delisting a specific token in 2019 is still unfolding after five years, with authorities in the United Kingdom initiating legal proceedings against six companies.
The Competition Appeal Tribunal in the U.K. commenced a hearing on June 5 targeting six exchanges that removed the forked cryptocurrency Bitcoin SV (BSV) from their platforms in 2019. Among the defendants are major players in the crypto industry, including Binance’s European division, Binance Europe Services, Erik Voorhees’ ShapeShift exchange, Kraken (represented as Payward), the Bitcoin exchange Bittylicious, and affiliated entities.
BitMEX Research data indicates that each of the six defendants has their own legal representation, resulting in a significant number of lawyers being involved in the case and extensive documentation being prepared. The tribunal anticipates that the collective proceedings order (CPO) will span three days.
Bitcoin SV, a blockchain and cryptocurrency that forked from Bitcoin Cash in 2018, was spearheaded by the controversial figure claiming to be the anonymous creator of Bitcoin, Satoshi Nakamoto, Craig Wright. The split in the Bitcoin Cash community led to the creation of Bitcoin SV, also known as “Satoshi’s Vision.”
The delisting of BSV by exchanges like Binance, Kraken, and ShapeShift in 2019 is at the center of the class-action lawsuit currently unfolding. These exchanges did not provide clear explanations for their decisions to remove BSV from their platforms. Kraken cited behavior by BSV that went against its principles and the broader crypto community, while Binance simply stated that BSV no longer met its standards.
The legal action taken against Binance, Kraken, and other exchanges in the U.K. in 2022 seeks $12 billion in compensation for BSV delistings. Plaintiffs claim that those who held BSV after the 2019 delistings are entitled to $9 billion in compensation for the missed growth opportunity.
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