Binance Strikes Back Against $13 Billion Lawsuit: Seeks Size Reduction in UK Legal Battle
Cryptocurrency exchange Binance has moved to dismiss the majority of a £10 billion ($12.8 billion) lawsuit filed in London, aiming to counter allegations regarding the delisting of Bitcoin Satoshi Vision (BSV) cryptocurrency.
Legal Battle: Binance Faces Allegations of Anti-Competitive Behavior over BSV Delisting
The lawsuit, brought forth at the Competition Appeal Tribunal (CAT), accuses Binance and other exchanges of engaging in anti-competitive behavior by delisting BSV in 2019. This action allegedly led to a significant drop in BSV's value and impeded its potential growth.
While Binance has not opposed the case's certification under the UK's collective proceedings regime, it seeks to dismiss the part of the lawsuit concerning BSV's alleged potential as a major cryptocurrency. Binance argues that individuals holding onto BSV made voluntary decisions and could have chosen to sell and invest elsewhere.
Binance's legal representative contends that the issue of BSV's potential should not proceed to trial along with the rest of the case. Conversely, lawyers representing BSV Claims argue for its inclusion in the proceedings.
Litigation Looms: Binance and Kraken Respond to Allegations in BSV Delisting Lawsuit
Binance declined to provide a statement on the ongoing litigation, while Kraken, another exchange named in the lawsuit, dismissed the claims as baseless. The decision to delist BSV in 2019 was partly influenced by assertions made by Australian computer scientist Craig Wright, known for claiming to be Bitcoin's inventor, Satoshi Nakamoto.
The lawsuit's outcome could have significant ramifications for Binance, other exchanges, and the broader crypto community. As the legal proceedings unfold, stakeholders will closely monitor developments and decisions made by the Competition Appeal Tribunal.
Amidst the legal battle, Binance's native token, BNB, has surged by 17% in the past seven days, reaching an all-time high of $715. This milestone reflects the ongoing volatility and market sentiment surrounding the exchange and its associated legal challenges.
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