In a recent development, cryptocurrency exchange Binance has moved to dismiss the majority of a £10 billion ($12.8 billion) lawsuit filed in London, mentioned By Reuters.
The lawsuit, which is being heard at the Competition Appeal Tribunal (CAT), accuses Binance and other exchanges of conspiring to “delist” cryptocurrency Bitcoin Satoshi Vision (BSV).
Controversy over BSV delisting
The case, filed on behalf of more than 200,000 BSV holders, alleges that Binance and others… Exchanges It engaged in “anti-competitive conduct” by delisting its BSV token in 2019.
Lawyers representing BSV Claims, the entity prosecuting the case, contend that the delisting caused a significant decline in BSV's value and hampered its ability to become “first-class.” CryptocurrencyResulting in a claim worth up to £9 billion.
While Binance did not oppose certification of the case under the UK's class action regime, the exchange has asked CAT to dismiss the portion of the lawsuit related to BSV's alleged potential as a major cryptocurrency. This particular aspect of the case represents individuals who have retained their rights BSV Collectibles After it was deleted.
Binance's legal arguments
Binance's legal representative, Brian Keneally, argued that those holding BSV made a “voluntary decision” and could have chosen to sell it and invest in similar cryptocurrencies. However, BSV Claims' lawyers stressed that the case should be tried alongside the rest of the case.
When contacted for comment by Reuters, Binance declined to provide a statement about the ongoing lawsuit. A spokesperson for Kraken, another exchange mentioned in lawsuitShe rejected these allegations and described them as “baseless.”
According to the report, the decision to delist BSV by Binance, Kraken and other exchanges in 2019 was partly driven by assertions by Australian computer scientist Craig Wright, who… He claimed to be the pseudonymous inventor of Bitcoin, known as “Satoshi Nakamoto.”
In a separate legal action earlier this year, Wright was found to have lied and forged documents to support his false claim. Wright has expressed his intention to appeal the ruling.
The outcome of the lawsuit could impact Binance, other exchanges, and the broader cryptocurrency community. As proceedings continue, stakeholders will closely monitor subsequent developments and decisions taken by the Competition Appeal Tribunal.
As of the time of writing, the exchange's native token, BNB, is trading at $700, after rising 17% in the past seven days to reach the $715 level. This latest peak represents a new all-time high for the BNB token.
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