Bitcoin SV Investors Revive $13B Binance Lawsuit Over 2019 Delisting

BSV investors asked the UK Court of Appeal to revive a claim that Binance’s 2019 delisting caused long-term financial losses. The case could lead to over $13 billion in damages if courts agree BSV lost its chance to grow like Bitcoin. Bitcoin SV (BSV) investors are once again pressing their case against Binance, arguing in the UK Court of Appeal that the platform’s 2019 delisting of BSV erased a potential surge in value. The claim, which could unlock damages of over £10 billion ($13 billion), focuses on a “loss of chance” argument that was previously dismissed by the Competition Appeal Tribunal in July 2024. The group alleges that delisting BSV hindered its trajectory toward becoming a top-tier cryptocurrency. Legal representatives say Binance’s decision caused a permanent drop in the coin’s value, effectively cutting off its ability to grow alongside competitors like Bitcoin. John Wardell KC, representing the claimants, told the court that “damage continues to this day” and insisted that, without the delisting, BSV would have risen to the same level as Bitcoin by 2022. That assumption underpins the multi-billion-dollar damages request and aims to make the “forgone growth effect” part of the upcoming trial. UK’s First Crypto Competition Case Escalates The Competition Appeal Tribunal had earlier rejected the inclusion of this specific growth-based claim, citing the “market mitigation rule.” According to the Tribunal’s July ruling, most BSV holders were likely aware of the delisting and had the opportunity to trade their tokens for alternatives. Judges said the evidence suggesting investors remained unaware was “scant and high-level.” However, the Tribunal did not strike down the entire lawsuit. The case, filed by a collective group of investors, accuses Binance and three other exchanges of coordinating the removal of BSV in an anti-competitive manner. If successful, it would become the UK’s first collective action in cryptocurrency markets based on competition law. The appeal, if allowed, could reshape how digital assets are treated under UK competition regulations. It raises questions about whether cryptocurrency exchanges act as gatekeepers with disproportionate influence over price performance and public access. News of the legal revival briefly pushed BSV’s price up by 15% before stabilizing near the $42 mark. Though still far below its all-time high, the rally reflected investor optimism tied to the possible financial outcome of the case. Binance’s original 2019 decision followed mounting industry criticism toward BSV’s founder and the project’s credibility. Other exchanges mirrored the move, which further isolated the token from major trading platforms. Critics argued that BSV’s technical flaws and security concerns justified its removal, while the plaintiffs now say it was an orchestrated suppression of competition. Senators Intensify U.S. Scrutiny of Binance The lawsuit emerges amid heightened regulatory pressure on Binance from both the UK and U.S. governments. On May 9, five Democratic Senators in the U.S. wrote to Treasury Secretary Scott Bessent and Attorney General Pam Bondi, demanding clarification over recent meetings between Binance executives and federal officials. The inquiry follows Binance’s 2023 guilty plea and settlement over financial misconduct. Lawmakers expressed concern that key figures within the exchange may be leveraging political connections to ease compliance obligations, potentially undermining legal enforcement. The letter also questioned whether Binance has links to World Liberty Financial , a new crypto venture associated with the Trump family. Source: https://www.crypto-news-flash.com/bitcoin-sv-to-reinstate-lawsuit/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-sv-to-reinstate-lawsuit