A few Crypto exchanges, Binance, ShapeShift, and Kraken, have denied the allegations against them by BSV worth up to %9 million in compensation.
The legal dispute between BSV Claims Ltd and numerous cryptocurrency exchanges, including Binance, Kraken, and ShapeShift, has recently escalated. The perpetrators are resisting BSV Claims’ request for a staggering $9 billion compensation for BSV holders.
The courtroom spectacle in London is centered on the controversial delisting of Bitcoin SV (BSV) from these platforms in 2019.
Delisting Conspiracy Slams Binance and Others
BSV Claims alleges that the exchanges decampaigned BSV through concerted efforts at the time. The complainant cited a Twitter poll by Kraken and social media announcements as evidence of the purported collusion.
Secondly, BSV Claims contends that the subsequent delistings have deprived investors of substantial growth opportunities. Their argument is predicated on calculations that indicate that BSV holders were deprived of significant gains that could have been realized had the stock remained listed. They think the substantial $9 billion compensation figure directly results from these lost opportunities.
Exchanges Respond: There Is No Conspiracy, Only Free Market
These allegations are being vigorously refuted by the defendant exchanges, represented by an exceptional legal team. They contend that their decisions were made in the context of their respective businesses and were influenced by legitimate concerns regarding BSV’s market viability and security. Furthermore, they emphasize that BSV investors were not required to retain their tokens. The exchanges observed that the investors had sufficient time to sell their tokens between the announcements and the delisting. The defendants contend that this refutes the concept of “lost opportunities.”
The verdict in the BSV Claims Case is still pending.
The Competition Appeal Tribunal is presently in the process of evaluating the arguments presented by both parties. Nevertheless, the repercussions of this legal dispute will be significant for the entire crypto industry. A victory for BSV Claims could establish a precedent and expose exchanges to similar lawsuits for future delistings. Conversely, favoring the exchanges would reaffirm their authority concerning internal assessments that inform their listing and delisting decisions. The course of the case remains uncertain.
