The case involving several exchanges delisting a particular token in 2019 continues to surface five years later, with British authorities having initiated proceedings against six companies.
The UK’s Competition Appeal Tribunal began a hearing on June 5 against six exchanges that delisted the Bitcoin SV (BSV) cryptocurrency in 2019.
The defendants include some of the world’s largest cryptocurrency exchanges, such as Binance’s European arm, Binance Europe Services. Other defendants include ShapeShift, Eric Voorhees’ cryptocurrency exchange Kraken (represented as Payward), Bitcoin (BTC) exchange Bittylicious, and related entities.
According to data from BitMEX Research, each of the six defendants has its own legal team, which resulted in the involvement of a large number of lawyers and a huge amount of documents.
The court estimated that a class action order, or CPO, should take three days.
Bitcoin SV was led by fake “Satoshi” Craig Wright
Bitcoin SV is a blockchain and cryptocurrency that spun off from Bitcoin Cash (BCH) in 2018. The blockchain’s name refers to “Satoshi’s Vision” and it was founded by a blockchain development company affiliated with Craig Wright , who falsely declared himself. being the anonymous creator of Bitcoin. Satoshi Nakamoto.
The Bitcoin Cash fork battle has divided the community, with different companies and personalities seeking to advance their own narrative. Roger Ver, Bitmain and exchanges like Binance and Coinbase would support another fork, Bitcoin ABC.
Why did Binance, Kraken and ShapeShift remove BSV from their BSV list in 2019?
The class action returns to a scandal involving a wave of BSV delistings in April 2019. Exchanges like Binance or Kraken apparently provided no clear reason for their symbolic delisting decisions.
For example, Kraken said BSV was engaging in behavior that was “diametrically inconsistent” with everything at Kraken and the broader cryptocurrency community. The exchange also conducted an investigation into X in 2019, which indicated that BSV was “toxic.”
about: Cryptocurrency exchange Kraken has ‘no plans’ to remove USDT from Europe at this time
Binance also did not give a specific reason why it removed BSV in 2019, only stating that it no longer met its standards.
Binance, Kraken and other exchanges ultimately faced a $12 billion class action lawsuit in the UK over the 2022 delisting of BSV, with plaintiff BSV Claims seeking compensation for the delistings. According to the plaintiffs, those who retained BSV after the 2019 delistings are entitled to $9 billion in compensation because of the growth opportunity they missed.
According to the plaintiffs, those who retained BSV after the 2019 delistings are entitled to $9 billion in compensation because of the growth opportunity they missed.
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