Five years after multiple exchanges delisted a particular token in 2019, a case is still ongoing with United Kingdom authorities taking action against six companies. The UK’s Competition Appeal Tribunal commenced a hearing on June 5 against six exchanges that removed the forked cryptocurrency Bitcoin SV (BSV) in 2019.
Among the defendants are major crypto exchanges like Binance’s European arm, Binance Europe Services, ShapeShift owned by Erik Voorhees, Kraken represented as Payward, the Bitcoin exchange Bittylicious, and associated entities. According to data from BitMEX Research, each of the six defendants has their legal team, leading to a significant number of lawyers involved in the case and a substantial amount of documentation.
The tribunal anticipates that the collective proceedings order (CPO) will span three days. Bitcoin SV, a blockchain and cryptocurrency that split from Bitcoin Cash in 2018, was spearheaded by the controversial figure Craig Wright, who falsely claimed to be Bitcoin’s anonymous creator, Satoshi Nakamoto.
The split within the Bitcoin Cash community led to various firms and prominent figures advocating for their version. Roger Ver, Bitmain, and exchanges like Binance and Coinbase reportedly supported another forked coin, Bitcoin ABC.
The lawsuit revisits the scandal surrounding the wave of BSV delistings in April 2019. Exchanges like Binance and Kraken allegedly did not provide clear reasons for delisting the token. Kraken, for example, stated that BSV’s actions were contrary to their values and the broader crypto community. Binance, on the other hand, delisted BSV in 2019 without specifying reasons, citing a failure to meet their standards.
Binance, Kraken, and other exchanges are currently facing a $12 billion U.K. class action lawsuit over the BSV delistings in 2022. The plaintiffs are seeking compensation for the missed growth opportunity due to holding BSV after the 2019 delistings, with claims totaling $9 billion.
According to the plaintiffs, those who held BSV after the 2019 delistings are owed $9 billion in compensation for the missed growth opportunity.