- Crypto exchange Binance has filed a motion to dismiss a significant portion of a London lawsuit, potentially valued at $12.8 billion.
- Alongside Binance, other exchanges, including Kraken, are facing a lawsuit at London’s Competition Appeal Tribunal (CAT). This lawsuit has been brought forward on behalf of more than 200,000 BSV owners who were affected by the delisting.
- Bitcoin Satoshi Vision (BSV) was created as a result of a hard fork from Bitcoin Cash (BCH) in November 2018. However, BSV has been at the centre of controversy, and its value has been a subject of debate.
OUR TAKE
Bitcoin Satoshi Vision’s value has been the subject of long-standing debate. The scaling approach of BSV, which centers on significantly increasing block sizes, is argued to sacrifice decentralisation and security. Additionally, Craig Wright’s claim to be the pseudonymous creator of Bitcoin has contributed to the controversy surrounding BSV, with his controversial statements and legal disputes tarnishing BSV’s reputation.
—Sylvia Shen, BTW reporter
The cryptocurrency exchange Binance filed a motion to dismiss the majority of a lawsuit from London that may be worth up to $12.8 billion.
Bitcoin Satoshi Vision delisting
Binance, along with exchanges like Kraken, faces a lawsuit at London’s Competition Appeal Tribunal (CAT). The case has been filed on behalf of more than 200,000 owners of Bitcoin Satoshi Vision (BSV).
Bitcoin Satoshi Vision (BSV) is a cryptocurrency that emerged as a result of a hard fork from Bitcoin Cash (BCH) in November 2018. It was developed with the intention of upholding the original bitcoin concept as stated by its anonymous creator, Satoshi Nakamoto.
Attorneys for BSV Claims, the organisation formed to take up the lawsuit, claim that by delisting BSV in 2019, the exchanges participated in anti-competitive action.
They contend that by taking this step, BSV’s value fell and its chances of becoming into a “top-tier” cryptocurrency were hampered. The claim’s worth for this section is as high as nine billion pounds.
Also read: Craig Wright: Self-proclaimed bitcoin inventor accused of extensive lying
Binance seeks dismissal
Binance has asked the CAT to dismiss the part of the case regarding BSV’s potential to become a major cryptocurrency.
Brian Kennelly, Binance’s lawyer, stated that individuals who chose to retain BSV had done so “an entirely voluntary decision.” He added that they “could reasonably have sold it and reinvested it in comparable cryptocurrency.”
The attorneys for BSV Claims claimed in court records that the matter should go to trial along with the remainder of the case. Binance refrained from commenting, while a Kraken representative referred to the case as “baseless.”
Also read: Is Binance safe for storing cryptocurrency? An analysis
False claims
In 2019, exchanges such as Binance and Kraken decided to delist BSV.
The action was partly instigated by assertions made by Australian computer scientist Craig Wright, associated with BSV, claiming to be the anonymous originator of bitcoin, referred to as “Satoshi Nakamoto.”
London’s High Court has put an end to Craig Wright’s claims, ruling on May 21 that he is guilty of extensive lying and document forgery in support of his false claim of being the inventor of bitcoin.
