Crypto Exchange Seeks to Reduce Scope of Massive UK Lawsuit

Cryptocurrency exchange Binance is fighting to significantly reduce the size of a £10 billion ($12. 8 billion) lawsuit filed against it in the UK. The lawsuit, brought on behalf of over 200, 000 owners of the Bitcoin Satoshi Vision (BSV) cryptocurrency, accuses Binance and other exchanges of colluding to delist BSV in 2019.

BSV Claims, the entity representing the BSV holders, argues that the delisting was the result of anti-competitive behavior by the exchanges, ultimately causing the value of BSV to plummet. The lawsuit seeks up to £9 billion in damages based on the alleged lost potential of BSV becoming a "top tier" cryptocurrency.

Binance, however, is contesting this hefty price tag. While they haven't commented on the ongoing litigation, they have requested the Competition Appeal Tribunal (CAT) to dismiss the portion of the claim that speculates on BSV's potential future value. This part of the lawsuit specifically applies to those who held onto BSV after it was delisted.

The crux of Binance's argument revolves around the speculative nature of the claim. They contend that it's impossible to determine what BSV's value would have been if it had remained listed. The future trajectory of any cryptocurrency, they argue, is inherently uncertain and influenced by various market forces.

BSV Claims, on the other hand, maintains that the delisting itself was a crucial factor in hindering BSV's growth. They believe that by removing BSV from major exchanges, they effectively limited its accessibility and trading volume, ultimately impacting its value.

This lawsuit is part of a larger trend of legal challenges against cryptocurrency exchanges. Regulators and investors are increasingly scrutinizing the practices of these platforms, particularly regarding delistings and market manipulation.

The outcome of the BSV lawsuit could have significant implications for both Binance and the broader cryptocurrency industry. If BSV Claims prevails in getting the full lawsuit certified, it could pave the way for similar class-action lawsuits targeting exchange behavior. Conversely, a win for Binance could establish a precedent for exchanges to delist currencies without facing such hefty legal consequences.

The CAT is yet to rule on Binance's request. The decision on whether to proceed with the full lawsuit or dismiss the speculative damages claim will likely shape the course of this high-profile case.