According to a recent development, Binance, the world's largest cryptocurrency exchange, has applied to the UK Competition Appeal Tribunal (CAT) to dismiss most of the collusion case filed against it.
The lawsuit, which also involves three other crypto exchanges, was filed by BSV Claims and could potentially be worth up to 10 billion British pounds ($13 billion).
The essence of the case lies in the fact that the BSV token was delisted by exchanges in 2019. BSV Claims argues that this action is a result of collusion and anti-competitive behavior. The firm also claims that token holders missed out on more than £9 billion in potential gains. This figure was calculated by comparing the gains made by other cryptocurrencies since delisting.
In response to these allegations, Binance asked the court to reject claims that BSV could become a major cryptocurrency. Binance's lawyer, Brian Kennelly, argued that BSV holders “could reasonably sell BSV and reinvest in similar cryptocurrencies.”
The case is being brought on behalf of an estimated 240,000 UK investors. Founded in 2022, BSV Claims is led solely by David Curries, a former chairman of the CAT and member of the House of Lords.
Other defendants in the lawsuit include Bittylicious, Kraken and Shapeshift. One of BSV's most prominent supporters is Craig Wright, who was recently ruled in a London court to have lied “extensively and repeatedly” when falsely claiming to be Satoshi Nakamoto, the inventor of Bitcoin.
*This is not investment advice.