2 months ago 1 min read

Class Action Suit Against Four Exchanges Filed by 243,000 BSV Investors for £9.9B


Bloomberg reports that BSV Claims Limited sued four cryptocurrency exchanges, including Binance and Kraken, in a class action.

BSV affects 234,000 people in Britain. The complaint claims that the delisting of Bitcoin Satoshi Vision (BSV) by the four exchanges in 2019 resulted in investor losses totaling 9.9 billion pounds (or $12.11 billion).

The case pits a distinguished group of UK lawmakers against some of the most important cryptocurrency players. It alleges that investor losses occurred on exchanges, including the largest in the world, Binance, as a result of the removal of the digital currency from their marketplaces three years earlier.

According to a letter published by the legal firm Crowell & Moring LLP, the court is anticipated to make a decision regarding whether the case can proceed in the following few months.

In May 2022, BSV Claims Limited was created in order to file a class action lawsuit against exchanges for delisting BSV. Robert Buckland, a former law and justice minister, and David Currie, the first chairman of the UK Competition Market Authority, are both directors of the corporation.

Just as the peak days of digital currency brought together unusual casts of characters trying to get rich quickly, class-action lawsuits could now serve the same purpose for investors looking to prevent big losses. The collaboration between well-known individuals and vibrant crypto startups serves as evidence of this.

Others have been prompted to question the judgment of politicians who are prepared to work for a shadowy offshore organization backed by someone who has had run-ins with the law in the US and Canada.

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