Binance Asks UK Competition Tribunal to Throw Out Most of Collusion Case: Reuters

As a researcher with a background in finance and experience in the cryptocurrency market, I find the ongoing legal battle between Binance and BSV Claims an intriguing development. The potential losses claimed by BSV holders due to the delisting of their token on major exchanges in 2019 is a significant figure that cannot be ignored.

Reuters reported that Binance, along with three other cryptocurrency exchanges, requested the U.K.’s Competition Appeal Tribunal (CAT) to dismiss most of the collusion claims brought against them by BSV Claims in a potential lawsuit valued at up to 10 billion British pounds ($13 billion).

I, as a researcher, would rephrase it this way: In 2019, the exchanges allegedly delisted Bitcoin SV (BSV), an action that BSV Claims contends was collusive behavior aiming to suppress competition. Consequently, token holders missed out on potential gains amounting to over 9 billion pounds, according to their estimate. To calculate this loss, they compared the returns generated by other cryptocurrencies since then, as reported by BitMEX Research.

According to Reuters, Binance’s legal representative, Brian Kennelly, argued before the tribunal that BSV holders had the reasonable option to sell their tokens and invest in similar cryptocurrencies instead. Binance requested the removal of claims suggesting BSV could have evolved into a significant digital currency.

Approximately 240,000 U.K. investors are represented by BSV Claims in this legal matter, the company announced upon its founding in 2022. The firm’s director is David Curries, who holds a past chairmanship of the CAT and is a member of the House of Lords, as per Companies House records.

Other defendants in the case are Bittylicious, Kraken and Shapeshift.

Craig Wright, a significant supporter of BSV, was recently found to have told untruths extensively and repeatedly during a trial in London concerning his assertion that he is Satoshi Nakamoto, the mysterious creator of bitcoin.

The case is 1523/7/7/22 and is scheduled to end on June 7.