Bitrabo Editorial
Recently, Binance, a cryptocurrency exchange, is moving to dismiss most of a £10 billion ($12.8 billion) lawsuit filed in London, according to a report by Reuters.
Controversy Over BSV Delisting
The lawsuit, currently in the Competition Appeal Tribunal (CAT), accuses Binance and other exchanges of colluding to delist the Bitcoin Satoshi Vision (BSV) cryptocurrency.
Representing over 200,000 BSV coin holders, BSV Claims initiated the case, alleging anti-competitive actions by Binance and others by delisting BSV in 2019.
The lawsuit contends that the delisting caused a substantial drop in BSV’s value, impeding its potential to become a top-tier cryptocurrency, leading to a claim worth up to £9 billion.
Binance’s Legal Defense
Brian Kennelly, Binance’s legal representative, argued that retaining BSV was a voluntary choice and holders could have opted to sell it and invest in similar cryptocurrencies. BSV Claims disagreed, pressing for the issue to proceed to trial as part of the case.
Binance opted not to provide a statement regarding the lawsuit when approached by Reuters. Kraken, another exchange mentioned in the lawsuit, dismissed the claims as baseless.
In 2019, Binance, Kraken, and other exchanges delisted BSV following assertions by Craig Wright, an Australian computer scientist claiming to be Bitcoin’s pseudonymous inventor, Satoshi Nakamoto.
Wright was recently found to have misled and falsified documents to support his claim in a separate legal proceeding this year and intends to appeal the ruling.
The lawsuit’s resolution could impact Binance, other exchanges, and the broader crypto community. Stakeholders will closely monitor the Competition Appeal Tribunal’s developments and decisions as the case progresses.
At the time of writing, Binance’s native token, BNB, is trading at $700 post a 17% surge in the past week, hitting the $715 milestone, marking a new all-time high for the BNB token.
Image source: DALL-E, chart source: TradingView.com.