In a significant legal development, investors of Bitcoin SV (BSV) have reignited a lawsuit against major cryptocurrency exchange Binance, seeking approximately $13 billion in damages. The plaintiffs allege that Binance’s decision to delist BSV in 2019 was anti-competitive and led to substantial financial losses.
Background: The 2019 Delisting Controversy
Bitcoin SV emerged in November 2018 as a hard fork of Bitcoin Cash, aiming to restore the original vision of Bitcoin as outlined by Satoshi Nakamoto. However, in April 2019, Binance announced the delisting of BSV, citing concerns over its compliance with listing standards. This move was followed by other exchanges, including Kraken and ShapeShift, leading to a significant decline in BSV’s market value.
The Legal Battle: Allegations of Anti-Competitive Behavior
Represented by BSV Claims Ltd., the investors argue that the coordinated delisting by these exchanges was anti-competitive and aimed at suppressing BSV’s market potential. They claim that this action led to a significant decline in BSV’s value and hindered its growth trajectory. The lawsuit seeks approximately £9.9 billion (around $13 billion) in damages.
In July 2024, the UK Competition Appeal Tribunal (CAT) certified the lawsuit as a collective proceeding, allowing it to advance to trial. However, the tribunal dismissed the “loss of chance” claim, which posited that BSV could have achieved growth comparable to Bitcoin if not for the delisting. The CAT reasoned that investors had the opportunity to mitigate their losses by trading BSV for other cryptocurrencies.
Recent Developments: Appeal to Reinstate ‘Loss of Chance’ Claim
In May 2025, BSV investors appealed to the UK Court of Appeal to reinstate the “loss of chance” claim. They argue that the delisting caused a “permanent ongoing loss of value” to BSV, asserting that the token’s growth was stunted due to reduced accessibility and market presence.
John Wardell KC, representing the investors, emphasized that the delisting had long-term detrimental effects on BSV’s value and market position. If the appeal succeeds, it could lead to the highest possible financial penalty against Binance and the other exchanges involved.
Implications for the Cryptocurrency Industry
This case underscores the significant influence that major exchanges wield over the cryptocurrency market. The outcome could set a precedent regarding the responsibilities and potential liabilities of exchanges when delisting assets. It also highlights the importance of transparent and fair practices within the crypto industry to maintain investor trust and market integrity.
Current Status of Bitcoin SV
As of now, Bitcoin SV (BSV) is trading at approximately $41.60, reflecting a slight decline of 0.03% from the previous close. The intraday high reached $43.19, while the low touched $40.84. Despite the ongoing legal proceedings, BSV continues to be actively traded in the cryptocurrency market.
Conclusion
The revival of this lawsuit marks a pivotal moment in the ongoing discourse about the power dynamics within the cryptocurrency ecosystem. As the case progresses, it will be closely watched by investors, legal experts, and industry stakeholders alike.
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