UK Court Partially Dismisses Bitcoin SV Lawsuit Against Binance

By: Eliza Bennet

In a recent legal development, the UK Court of Appeal has upheld a significant ruling in favor of Binance, the global cryptocurrency exchange, in the class-action lawsuit brought by Bitcoin SV (BSV) investors. The court rejected the substantial damages claim, amounting to approximately $13.3 billion, which alleged that Binance and other exchanges conspired against BSV by delisting the cryptocurrency in 2019.

This decision pivots around the concept of 'loss-of-chance' claims. BSV investors had argued that the delisting denied them the opportunity to benefit from BSV's potential ascension to a stature similar to top-tier cryptocurrencies such as Bitcoin and Bitcoin Cash. However, the court concluded that these speculative damages were not legally tenable, thereby dismissing claims from the subclass of investors who retained their BSV holdings through the tumultuous period.

The rejection of the claim underscores the robust legal standing required for arguments predicated on hypothetical future valuations in cryptocurrency markets. The judgment which can be read in full in the official court document, signifies a broader precedent in similar crypto litigation. Binance's victory follows their consistent stance that the delisting decisions made in 2019 were in line with the market regulations and responsibilities of digital asset exchanges.

This ruling has pivotal implications for cryptocurrency marketplaces and their operation policies. It also offers a substantial perspective on investor rights and exchange responsibilities, setting a precedent for how speculative damages are treated in digital currency contexts, potentially influencing future legal disputes across the cryptocurrency sector.