The UK High Court has rejected an appeal in a case brought by Bitcoin Satoshi's Vision (BSV) investors against cryptocurrency exchanges, seeking approximately $13 billion in damages.
The court, by upholding the lower courts' decisions in favor of the exchanges, further narrowed the scope of the claims made after the delisting of BSV.
In its brief ruling, the court stated that the application filed by BSV Claims Limited “did not contain a debatable legal issue or a point of law of general importance in the public interest.” This decision is considered a significant legal victory for the defendant cryptocurrency exchanges, primarily Binance.
The decision sends a strong signal that UK courts are distancing themselves from crypto lawsuits based on hypothetical market scenarios and involving billions of dollars in compensation claims. Dubai-based crypto lawyer and founder of NeosLegal, Irina Heaver, stated, “This outcome sends a clear message to those seeking to try their luck in court with claims of being the ‘real Satoshi and the real Bitcoin.’ Constantly filing lawsuits cannot replace market acceptance and building trust.”
The previous significant development in the case occurred in May of this year. The UK Court of Appeal ruled that investors who were aware of, or should have been aware of, the 2019 BSV delists should have sold their shares in the current market to mitigate their losses, stating that claims for speculative damages, such as “missed growth,” were ineligible.
The lawsuit arose in 2019 after several exchanges, including Binance, Kraken, Shapeshift, and Bittylicious, delisted BSV. The plaintiffs alleged that the exchanges acted in concert, violating competition law and causing a significant drop in the BSV price.
BSV claims that its founder, Craig Wright, is Satoshi Nakamoto and that the token is the real Bitcoin.
*This is not investment advice.
