A dispute spanning five years continues as UK authorities commence legal action against six companies involved in the delisting of Bitcoin SV (BSV) back in 2019.
The Competition Appeal Tribunal of the United Kingdom began hearings on June 5 regarding the delisting of the forked cryptocurrency Bitcoin SV (BSV) by six prominent exchanges in 2019.
Among the defendants are major crypto exchanges, including Binance’s European entity, Binance Europe Services, and ShapeShift, founded by Erik Voorhees. Other defendants encompass Kraken (represented as Payward), Bittylicious, and affiliated entities.
The legal proceedings involve extensive representation, with each defendant having its own legal team. Consequently, the case entails a significant number of lawyers and extensive documentation, with the tribunal estimating that the collective proceedings order (CPO) will span three days.
Bitcoin SV Emerges Amid Controversy Surrounding ‘Satoshi’ Craig Wright
Bitcoin SV emerged as a result of a contentious fork from Bitcoin Cash (BCH) in 2018. Associated with the concept of “Satoshi’s vision,” Bitcoin SV was developed by a blockchain firm linked to Craig Wright, who controversially claimed to be the anonymous creator of Bitcoin, Satoshi Nakamoto.
The fork from Bitcoin Cash sparked community division, with various entities and influential figures promoting divergent narratives. Roger Ver, Bitmain, and exchanges such as Binance and Coinbase reportedly favored another forked cryptocurrency, Bitcoin ABC.
Revisiting the BSV Delisting Events of 2019
The ongoing class action lawsuit reexamines the events surrounding the widespread delisting of BSV in April 2019. Exchanges like Binance and Kraken provided no explicit reasons for their decisions to remove BSV from their platforms.
Kraken, for example, cited behavior from BSV that was deemed “completely antithetical” to their values and the broader crypto community. Additionally, the exchange conducted a poll on social media, indicating that BSV was perceived as “toxic” within the community.
Summary Review: The initiation of legal proceedings in the UK against six major exchanges regarding the delisting of Bitcoin SV (BSV) in 2019 marks a significant development in the ongoing dispute. As the case unfolds, it brings to light the complex dynamics surrounding cryptocurrency delistings and underscores the importance of transparency and clarity in such decisions. The outcome of this legal action will likely have implications not only for the parties involved but also for the broader crypto community, shaping future practices and regulations in the industry.
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