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Technology

Technology

Binance, the cryptocurrency exchange, aims to reduce the size of a $13 billion UK lawsuit.

Photo: Binance Photo: Binance
Photo: Binance Photo: Binance

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In a London case worth up to 10 billion pounds ($12.8 billion), Binance and other exchanges moved to “delist” Bitcoin Satoshi Vision on Wednesday.
London’s Competition Appeal Tribunal is hearing over 200,000 BSV owners’ lawsuit against Binance and Kraken.

The exchanges improperly removed BSV from the market in 2019, according to BSV Claims lawyers.
They argue the action devalued BSV and prevented it from becoming a “top-tier” coin. That claim might be worth 9 billion pounds.
BSV Claims lawyers claimed the exchanges didn’t object to the case being launched under the UK’s collective proceedings framework, akin to the US class action system. This permission would be only the start.

Binance has urged the CAT to dismiss the case’s claim that BSV can become a popular cryptocurrency. People who maintained BSV after it was discontinued are suing.
Binance’s lawyer, Brian Kennelly, said BSV holders held it “voluntarily.” He remarked, “They could have sold it and put the money back into similar cryptocurrency.”
In court records, BSV Claims lawyers suggested the case should go to trial with the remainder of the claim.
Binary refused to discuss the dispute. A Kraken spokeswoman called the charge “baseless.”
BSV disappeared from Binance, Kraken, and others in 2019. This was mainly because BSV-affiliated Australian computer scientist Craig Wright claimed to be “Satoshi Nakamoto.”
In another case this year, Wright was found to have lied and falsified documents to claim to be Satoshi. Wright plans to appeal the ruling.

 

 


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