A UK appellate judge has upheld a tribunal’s decision to strike out a key damages argument in the high-profile BSV Claims Ltd v. Binance and Kraken case, dealing a significant blow to the $13.3 billion class action launched on behalf of BSV investors.
The court rejected the central claim that Bitcoin SV (BSV) could have reached parity with Bitcoin (BTC) had it not been delisted from Binance and Kraken in 2019. The judge ruled the damages argument as “speculative,” emphasizing that investors had the option to sell BSV in the open market following the delisting announcements.
The class action had relied heavily on a “loss of chance” doctrine, arguing that the delisting removed BSV from competitive price discovery and growth opportunities, effectively stunting its value. However, the court found this line of reasoning unconvincing. The ruling stated that since BSV was still tradeable and investors could have sold it for assets like Bitcoin or Bitcoin Cash, the decision to hold was voluntary—not legally compensable.
While the bulk of the class action was dismissed, the door remains open for smaller claims, particularly from users who lost access to their BSV or sold at a loss during the delisting chaos. These may still proceed depending on individual circumstances.
The judge also noted procedural concerns, criticizing the absence of a formal Competition Appeal Tribunal (CAT) order, which would have helped clarify the scope of the claim amid ongoing appeals. The lack of such an order was seen as adding unnecessary legal ambiguity to the case.
This ruling significantly weakens the landmark case and could set a precedent for how crypto delisting disputes are handled in UK courts, especially as regulatory scrutiny intensifies across global digital asset markets.
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