Binance wins legal dispute over Delisting from BSV
The efforts of Bitcoin-SV investors to demand compensation from large crypto bonds in billions of billions have largely failed before the British Court of Appeal.
The lawsuit against Binance and others because of the delisting of BSV in 2019 was largely in a judgment of May 21st rejected.
The lawsuit focused on a claim for damages in the amount of £ 8.9 billion ($ 11.9 billion) of investors who claimed to have lost potential profits by removing BSV from several trading platforms. They argued that BSV might have climbed to the level of top cryptocurrencies such as Bitcoin or Bitcoin Cash without delisting.
The court rejected this argument as pure speculation. The judges found that BSV was not a unique asset and had useful replacement products. They also found that investors had reasonable opportunities at the time of delisting to limit their losses by laying their stocks.
The Master of the Rolls, Sir Geoffrey Vos, made it clear that compensation for lost profits on the basis of “What could have been” could not be granted, especially in the unpredictable world of cryptocurrencies. Claims related to a “loss of an opportunity” to future profits have also been rejected as legally unfounded.
The court also confirmed the application of the market reduction rule – which applies to tradable assets – and explained that it should be applied to BSV and that any losses should be measured shortly after delisting.
While some minor aspects of the case can be pursued, the court dismissed the majority of the lawsuit and decided that even uninformed owners are no longer entitled to more than the value of their tokens at the time of the complaint.
