Bitcoin SV investors’ battle with Binance enters a new phase as plaintiffs move to overturn a prior court ruling.
The investors persist in asserting that the cryptocurrency suffered significant market harm due to Binance’s decision to exclude Bitcoin SV from its platform.
The BSV holder coalition’s legal representatives have submitted a challenge to the UK Competition Appeal Tribunal’s dismissal in July 2024. They contended that the court neglected to adequately evaluate the complete economic consequences of the delisting action, as indicated by recent court documents.
At stake: a multibillion-pound claim
According to reports, BSV investors are seeking compensation that surpasses £10 billion (approximately $13 billion) for alleged market manipulation and anti-competitive behavior in the revived case, which could lead to one of the most substantial damages claims in the history of cryptocurrency.
Market analysts have observed that the transient price increase for Bitcoin SV occurred in conjunction with the resumption of legal proceedings. The coin had experienced a 15% increase at press time before ultimately stabilizing in the $42 range. Despite this brief surge, the cryptocurrency is trading below its all-time highs.
In April 2019, Binance’s decision to delist BSV sparked controversy amid a contentious industry debate regarding the coin’s founder and his questionable assertions regarding the origins of Bitcoin. Shortly thereafter, numerous other significant exchanges implemented comparable delisting practices.
According to industry observers, this case has the potential to establish significant precedents regarding the authority of exchanges in determining which cryptocurrencies are accessible to traders and whether delisting decisions can be deemed anti-competitive practices under current regulatory frameworks.
BSV has encountered numerous technical and security challenges in recent years, as it was established following a contentious hard fork. Critics contend that the network vulnerabilities justify the initial delisting decisions.
The exchange has previously maintained that its listing policies are consistently applied based on technical merit and community standards, rather than targeted action against specific initiatives.
