June 18, 2024
Bitcoin News

UK Authorities Begin Hearing on Bitcoin SV Delisting Case

The United Kingdom’s Competition Appeal Tribunal has commenced a hearing involving six major cryptocurrency exchanges over the delisting of Bitcoin SV (BSV) in 2019. The defendants, which include Binance Europe Services, ShapeShift, Kraken (represented as Payward), and Bittylicious, are some of the most prominent names in the crypto industry. Each defendant has its own legal team, contributing to the complexity and extensive documentation of the case.

Background on Bitcoin SV and Delisting Controversy

Bitcoin SV, which stands for “Satoshi’s Vision,” is a blockchain and cryptocurrency that emerged from a split with Bitcoin Cash (BCH) in 2018. The split led to significant community division, with different factions supporting various forks.

Craig Wright, who controversially claimed to be Bitcoin’s creator, Satoshi Nakamoto, is associated with the development of BSV. The delisting of BSV by several exchanges in April 2019, including Binance and Kraken, sparked controversy. Moreover, these platforms provided little to no explanation for their actions.

Additionally, Kraken cited behavior “completely antithetical” to its values and the broader crypto community as a reason for delisting BSV. The exchange even conducted a poll on social media in 2019, labeling BSV as “toxic.” Binance similarly mentioned that BSV no longer met its standards but offered no further details.

Class Action Lawsuit and Compensation Claims

In 2022, Binance, Kraken, and other exchanges were hit with a $12 billion U.K. class action lawsuit over the BSV delistings. The plaintiffs, under the name BSV Claims, are demanding compensation for those who held BSV after the delistings. They claim that they missed out on significant growth opportunities. Furthermore, they argue that these investors are owed $9 billion in compensation.

The current proceedings are estimated to last three days. This will determine the course of this high-profile case, revisiting the 2019 scandal that continues to impact the crypto community.

Image from Wikimedia Commons

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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