Binance, Kraken Face £10 Billion Lawsuit Over Alleged Collusion in Bitcoin SV Delisting
June 5, 2024Binance, Kraken, Shapeshift, and Bittylicious are facing a 10 billion GBP lawsuit in London.
The lawsuit alleges that the exchanges colluded to delist Bitcoin SV (BSV) in 2019.
The plaintiff, BSV Claims Ltd, asserts that this behavior was anti-competitive and led to the devaluation of BSV.
Binance and Kraken are attempting to dismiss claims related to BSV's potential, arguing investors could sell their holdings.
The case involves 240,000 UK investors and is supported by Craig Wright, who falsely claims to be Satoshi Nakamoto.
The trial, overseen by the UK's Competition Appeal Tribunal, is set to conclude on June 7th.
Wright plans to appeal the ruling in separate litigation.
Binance and Kraken have denied the allegations, with Kraken citing threats and legal actions from the BSV team as reasons for delisting.
Summary based on 6 sources
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Sources
CoinDesk • Jun 5, 2024
Binance Asks UK Competition Tribunal to Throw Out Most of Collusion Case: ReutersCointelegraph • Jun 5, 2024
UK tribunal starts hearing $9B BSV delisting caseBusiness Standard • Jun 5, 2024
Crypto exchange Binance seeks to slash size of $13 billion UK lawsuitInvesting.com • Jun 5, 2024
Crypto exchange Binance seeks to slash size of $13 billion UK lawsuit