Bitcoin SV Holders Push for Legal Comeback in Lawsuit Against Binance - Cryptured.com

As plaintiffs seek to overturn a previous court ruling, the long-running dispute between Bitcoin SV investors and cryptocurrency exchange Binance has reached a new level.

The investors continue to claim that Binance’s decision to withdraw Bitcoin SV from its platform caused significant market damage to the cryptocurrency.

Legal representatives for the BSV holder coalition have filed a challenge to the UK Competition Appeal Tribunal’s dismissal in July 2024. According to recent court records, they argued that the court did not adequately evaluate the overall economic consequences of the delisting order.

Multi-billion-pound claim at stake

The resurrected action might result in one of the largest cryptocurrency damages claims in history, with BSV investors reportedly seeking more than £10 billion (roughly $13 billion) in compensation for alleged market manipulation and anti-competitive activities.

Market observers point out that the increased legal action corresponded with a temporary price increase for Bitcoin SV. The coin gained 15% before stabilizing around $42 at press time. Despite the brief bounce, the cryptocurrency remains below its all-time highs.

The dispute emerged as a result of Binance’s decision to delist BSV in April 2019, after a heated industry debate about the coin’s inventor and his dubious claims about the origins of Bitcoin. Several other major exchanges quickly followed with identical delisting procedures.

According to industry observers, this lawsuit might set major precedents for the authority of exchanges in selecting which cryptocurrencies remain accessible to traders, as well as whether delisting decisions can be considered anti-competitive under existing regulatory frameworks.

BSV, which originated from a contentious hard fork, has had a number of technical and security issues in recent years. Critics claim its network weaknesses justify the initial delisting choices.

The exchange has previously said that its listing procedures are consistently enforced based on technical quality and community standards, rather than taking targeted action against specific projects.