Bitcoin SV Investors Move to Reinstate Lawsuit Against Binance Over Token Delisting

Bitcoin SV investors are attempting to revive a lawsuit against Binance, claiming the exchange’s 2019 decision to delist the token caused significant financial harm.The case is now back before the United Kingdom Court of Appeal, with investors arguing that Binance’s actions stunted the growth potential of Bitcoin SV.Bitcoin SV, which originated from a hard fork of Bitcoin Cash, has seen its value impacted since being removed from major trading platforms. The investors assert that the delisting halted the token’s ability to grow into a leading digital asset, resulting in long-term financial losses.Investors Argue for Recognition of Lost GrowthThe current legal action follows a July 2024 decision by the Competition Appeal Tribunal that dismissed the “forgone growth effect” claim. This element of the case suggested Bitcoin SV could have achieved substantial growth had it not been removed from Binance and other exchanges. Investors seek to reinstate this aspect, arguing that the token could have reached a value comparable to Bitcoin’s price in mid-2022.At the Court of Appeal hearing, lawyers representing the investors also asked for a “loss of chance” claim to be included when the case proceeds to trial. They claim the delisting caused a permanent loss in value and irreversibly damaged the opportunity for growth.Binance Defends Against Investor ClaimsBinance maintains that most BSV holders were aware of the delisting before it occurred and had enough time to convert their assets. In the earlier ruling, the tribunal agreed with Binance’s position, applying the “market mitigation rule” and noting limited evidence that investors were unaware of the upcoming removal.But the legal department of BSV reported that the rule under consideration does not apply; the legal department claimed that investors had no other choice than to compensate losses switching to another digital asset. They allege that delisting the token had unique market disadvantage that made it impossible to invest in (despite trading).Lawsuit Part of Broader Legal Challenge Involving Multiple ExchangesThe case is part of a larger class action involving other exchanges including Kraken, Bittylicious, and ShapeShift, all of which removed BSV between April and June 2019. The lawsuit was filed by BSV Claims Limited, directed by Lord Currie of Marylebone, a former chair of UK regulatory bodies.Lawyers have also highlighted that the case follows a 2023 High Court ruling, which found that Craig Wright falsely claimed to be Bitcoin’s creator Satoshi Nakamoto, and used this lie to influence investment in Bitcoin SV.The post Bitcoin SV Investors Move to Reinstate Lawsuit Against Binance Over Token Delisting first appeared on Coinfea.