UK Court Rejects Binance BSV Delisting Lawsuit Damages

The United Kingdom's Court of Appeal ruled against Bitcoin SV investors seeking massive damages from several cryptocurrency exchanges, including Binance.

The British Court of Appeal has ruled against Bitcoin SV (BSV) investors who are seeking billions of pounds in damages from several cryptocurrency exchanges, including Binance, for the 2019 delisting of the cryptocurrency.

On Monday, the court dismissed claims by the investors, known in the case as “sub-class B,” for an aggregate sum of over £8.9 billion. The investors argued that the delisting at a price of around $70 in 2019 prevented them from realizing hypothetical gains if BSV had become a leading cryptocurrency like Bitcoin or Bitcoin Cash.

However, the court disagreed, noting that the investors’ claims for missed gains were speculative and flawed. It stated that BSV had clear alternatives in the market at the time, and the investors themselves referenced Bitcoin and Bitcoin Cash as comparables, which would undermine their claim of BSB’s unique potential.

Sir Geoffrey Vos, Master of the Rolls, also pointed out that the investors had a responsibility to mitigate their losses. He said, “They had a duty to mitigate their losses, which they did not do. They cannot recover losses they could reasonably have avoided.”

This latest ruling, which comes in several stages as part of a broader class action lawsuit, further narrows the scope of the case.

While the investors can still pursue claims for breaches of fiduciary duty and advice relating to the delisting, this part of the case is now largely dependent on whether the lower court’s findings on these issues will be overturned.

The case began in 2019 after several Binance users, who were holding BSV at the time of its delisting, sued the exchange for compensation. They claimed they were induced by Binance to buy BSV and were not notified in advance about its delisting.

The investors argued that Binance had a duty of care to them as vulnerable customers and that the exchange should have provided more advice and acted in their best interest.

However, the court found that Binance had no obligation to provide investment advice to the investors or to disclose its internal price analysis. It also stated that the investors were experienced traders who could have made their own investment decisions.

The case is still ongoing, but this latest ruling is a major setback for the investors. It could have significant implications for other class action lawsuits and cases involving cryptocurrency investments in the UK.

The post UK Court Rejects Binance BSV Delisting Lawsuit Damages appeared first on ihoops.

The British Court of Appeal has ruled against Bitcoin SV (BSV) investors who are seeking billions of pounds in damages from several cryptocurrency exchanges, including Binance, for the 2019 delisting of the cryptocurrency.

On Monday, the court dismissed claims by the investors, known in the case as “sub-class B,” for an aggregate sum of over £8.9 billion ($11.9 billion). The investors argued that the delisting at a price of around $70 in 2019 prevented them from realizing hypothetical gains if BSV had become a leading cryptocurrency like Bitcoin or Bitcoin Cash.

However, the court disagreed, noting that the investors’ claims for missed gains were speculative and flawed. It stated that BSV had clear alternatives in the market at the time, and the investors themselves referenced Bitcoin and Bitcoin Cash as comparables, which would undermine their claim of BSB’s unique potential.

Sir Geoffrey Vos, Master of the Rolls, also pointed out that the investors had a responsibility to mitigate their losses. He said, “They had a duty to mitigate their losses, which they did not do. They cannot recover losses they could reasonably have avoided.”

This latest ruling, which comes in several stages as part of a broader class action lawsuit, further narrows the scope of the case.

While the investors can still pursue claims for breaches of fiduciary duty and advice relating to the delisting, this part of the case is now largely dependent on whether the lower court’s findings on these issues will be overturned.

The case began in 2019 after several Binance users, who were holding BSV at the time of its delisting, sued the exchange for compensation. They claimed they were induced by Binance to buy BSV and were not notified in advance about its delisting.

The investors argued that Binance had a duty of care to them as vulnerable customers and that the exchange should have provided more advice and acted in their best interest.

However, the court found that Binance had no obligation to provide investment advice to the investors or to disclose its internal price analysis. It also stated that the investors were experienced traders who could have made their own investment decisions.

This case is still ongoing, but this latest ruling is a major setback for the investors. It could have significant implications for other class action lawsuits and cases involving cryptocurrency investments in the UK.

The post UK Court Rejects Binance BSV Delisting Lawsuit Damages appeared first on ihoops.