The Competition Appeal Tribunal is currently hearing the case as it has begun weighing the arguments from both sides.
The legal battle involving BSV Claims Ltd and several cryptocurrency exchanges like Binance, Kraken, and ShapeShift has recently taken a dramatic turn. BSV Claims seeks a whopping $9 billion in compensation for BSV holders, a request that the defendants are now kicking against.
The courtroom drama, which is currently going down in London, centers around the delisting of Bitcoin SV (BSV) from these platforms, albeit in a controversial manner in 2019.
Binance, Others Slammed with Delisting Conspiracy
According to BSV Claims, the exchanges allegedly decampaigned BSV through concerted efforts at the time. The complainant cited social media announcements and a Twitter poll conducted by Kraken as evidence of this alleged collusion.
Secondly, BSV Claims argues that the subsequent delistings deprived investors of significant growth opportunities. Their case relies on calculations suggesting that BSV holders missed out on substantial gains BSV could have achieved if it remained listed. They believe that these missed gains translate into the hefty $9 billion compensation figure.
Exchanges Fight Back: No Conspiracy, Just Free Market
The defendant exchanges, represented by a formidable legal team, are vehemently contesting these allegations. They argue that their decisions were made as individual businesses and were based on legitimate concerns surrounding BSV’s market viability and security. Additionally, they point out that BSV investors did not have to hold on to their tokens. The exchanges noted that the investors had enough time, between the announcements and delisting, to sell their tokens. This, according to the defendants, negates the notion of lost opportunities.
Verdict Awaits in BSV Claims Case
The Competition Appeal Tribunal is currently hearing the case as it has begun weighing the arguments from both sides. However, the outcome of this legal battle will have far-reaching implications for the crypto industry at large. A victory for BSV Claims could set a precedent and expose exchanges to similar lawsuits for future delistings. On the other hand, a ruling in favor of the exchanges would reaffirm their authority as it relates to listing and delisting decisions based on internal assessments. It remains to be seen how the case unfolds.
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