The UK Court of Appeal has dismissed the majority of a $13.3 billion class action lawsuit against crypto exchange Binance, delivering a major blow to Bitcoin SV (BSV) investors. These investors claimed that Binance’s 2019 delisting of the token destroyed its growth potential.
On May 22, the court rejected the investors’ “foregone growth effect” theory, which argued that BSV could have reached price levels similar to Bitcoin if it had remained listed on major trading platforms.
The claim demanded Binance pay an amount equivalent to 352 times the original value of BSV. However, the court found this unrealistic and dismissed it. The court pointed out that the claimants’ expert compared BSV’s value to other cryptocurrencies like Bitcoin and Bitcoin Cash, which weakened the idea that BSV was unique.
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It added that the real issue was whether BSV had a realistic chance of becoming a top cryptocurrency — a question that should be judged by probability, not guesswork or backup arguments.
What Is BSV?
BSV, short for “Bitcoin Satoshi Vision,” is a cryptocurrency created by Craig Wright, the man whose claim to be Bitcoin’s creator, Satoshi Nakamoto, was rejected by a UK court earlier this year. Since that ruling, Bitcoin SV has dropped by 22%. As of May 22, the token was trading at around $113, coinciding with the conclusion of Wright’s case against the Crypto Open Patent Alliance (COPA).
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