Crypto News Today- UK Tribunal Hearing Underway for $9 Billion BSV Delisting Lawsuit

UK Tribunal Initiates Proceedings for $9 Billion BSV Delisting Lawsuit

Crypto News– A legal case involving several exchanges delisting a particular token in 2019 is still ongoing after five years, with the United Kingdom authorities initiating proceedings against six companies.

The Competition Appeal Tribunal in the UK began a hearing on June 5 against six exchanges that removed the forked cryptocurrency Bitcoin SV (BSV) from their platforms in 2019.

The defendants include major crypto exchanges like Binance Europe Services (the European arm of Binance), ShapeShift (founded by Erik Voorhees), Kraken (represented as Payward), Bittylicious, and related entities.

According to data from BitMEX Research, each defendant has its own legal team, resulting in a significant number of lawyers involved in the case and a substantial amount of documentation.

The tribunal estimated that the collective proceedings order (CPO) is expected to span three days.

Binance, Kraken, and ShapeShift Delisted BSV in 2019: Reasons Revealed

The class action lawsuit has once again brought attention to the scandal surrounding a series of BSV delistings in April 2019. Exchanges like Binance and Kraken reportedly failed to provide clear explanations for their decisions to delist the token.

Kraken, for example, stated that BSV’s behavior was completely antithetical to the principles upheld by Kraken and the broader crypto community. Additionally, the exchange conducted a poll on X in 2019, indicating that BSV was perceived as toxic.

Similarly, Binance did not offer detailed reasoning behind its decision to delist BSV in 2019, only stating that it no longer met the platform’s standards.

Subsequently, Binance, Kraken, and other exchanges found themselves embroiled in a $12 billion U.K. class action lawsuit over the BSV delistings in 2022. The plaintiff, BSV Claims, sought compensation for the delistings, arguing that those who held BSV after the 2019 delistings were entitled to $9 billion in compensation due to the missed growth opportunity.

FAQs

For the latest in crypto updates, keep tabs on Crypto Data Space.