Bitcoin SV Investors Move to Rekindle Lawsuit Against Binance

By: Eliza Bennet

Bitcoin Satoshi's Vision (BSV) investors are making strategic legal moves to reinstate a stalled lawsuit from 2019 against Binance. The lawsuit centers on Binance's decision to delist BSV, which investors allege resulted in significant financial losses and a long-term decline in the altcoin's value. Binance's actions, alongside other major exchange delistings, are claimed to have contributed heavily to BSV's diminished market traction compared to Bitcoin.

In a recent legal development detailed in Law360, plaintiffs have petitioned for a reconsideration of a 2024 decision from the UK Competition Appeal Tribunal. The earlier decision dismissed their 'loss of chance' claim, seeking damages of $9 billion, arguing that the case should be reopened to hold Binance accountable for their business decision that allegedly harmed BSV's market performance.

The investors are adamant about reviving the case because they believe that the delisting was pivotal in driving BSV's long-term price decline. This legal action highlights the complexities and potential liabilities involved when exchanges make decisions about which cryptocurrencies to support, as additions or removals can significantly impact token value and investor confidence.