UK Court Dismisses $11.9B BSV Lawsuit Against Binance
The post UK Court Dismisses $11.9B BSV Lawsuit Against Binance appeared on BitcoinEthereumNews.com.
Binance and other exchanges win partial dismissal of $11.9B BSV lawsuit. The court says investors can’t claim damages for missed profit opportunities. The verdict may shape future legal cases in crypto delistings. The UK Court of Appeal has delivered a decisive ruling in favor of Binance and several crypto exchanges. It partially dismissed a $11.9 billion lawsuit over the delisting of Bitcoin SV (BSV). The judgment on May 21 found that investors could not claim damages for hypothetical profits they might have earned had the token remained listed. Background: Six Years of Legal Dispute The case stemmed from the coordinated 2019 decision by Binance, Kraken, ShapeShift, and Bittylicious to delist BSV, a Bitcoin fork associated with entrepreneur Craig Wright. Investors behind the lawsuit argued that the delistings unfairly prevented BSV from gaining value and deprived them of potential returns. Related: BSV and XRP Supporter Argue Over Altcoins’ Superiority The plaintiffs alleged that the exchanges acted anti-competitively, and that BSV’s price would have increased significantly if it had remained accessible on major trading platforms. Court: Investors Not Owed Profit Potential The UK Court rejected those arguments, stating that investors were not legally entitled to any particular market performance from the cryptocurrency. Sir Geoffrey Vos, who authored the judgment, noted that BSV was not “a unique crypto without reasonably similar substitutes.” The court held that other digital assets could have served as alternatives, and investors should have adjusted their positions accordingly. “They had a duty to mitigate their losses,” Vos wrote, emphasizing that market participants must respond proactively to protect their investments. No Damages for Missed Gains A key part of the lawsuit was the claim of “loss of a chance,” the supposed opportunity to profit from future BSV gains had it not been delisted. The court rejected this as speculative, noting…
