- A $12 billion legal action against major crypto exchanges has reached the UK Supreme Court.
- BSV Claims Limited filed the appeal on behalf of Bitcoin Satoshi Vision (BSV) holders.
- The claim says exchanges worked together to delist BSV in 2019, harming investors and BSV’s value.
- Lower courts rejected the “loss of chance” claims, stating holders were not owed billions in damages.
- The case highlights ongoing legal battles over digital asset listings and alleged anti-competitive behavior in crypto markets.
A $12 billion lawsuit against several leading cryptocurrency exchanges, including Binance and Kraken, has reached the UK’s highest court. The case, filed by BSV Claims Limited on behalf of investors in Bitcoin Satoshi Vision (BSV), seeks permission to appeal previous court decisions regarding the 2019 delisting of the token.
The legal action alleges that leading digital asset exchanges—Binance, Kraken, Bittylicious, and ShapeShift—acted in coordination to remove BSV from their platforms, causing the token’s price to drop significantly. Claimants argue that this also prevented BSV from growing in value like bitcoin (BTC) and resulted in major investor losses.
Earlier, the group presented their case to the Competition Appeal Tribunal in 2024, where they pushed for compensation not only for BSV’s immediate price decline but also for what they called a “forgone growth effect.” Tribunal judges dismissed the “loss of chance” argument. In their words, “I cannot see how they could ever claim more than the total value of their holding before the delisting events plus any quantifiable consequential losses such as trading fees.” Claimants then took the matter to the Court of Appeal, which also ruled against them.
Courts asserted that BSV holders who kept their assets during the delisting period were not entitled to billions in damages and should have taken steps to minimize their losses. Judges reaffirmed the “market mitigation rule,” stating the responsibility was on holders to sell or move their tokens upon learning of the delistings.
BSV was launched by supporters of Craig Wright, who has previously claimed to be the creator of bitcoin. Wright has also been involved in several unsuccessful legal efforts in UK courts, including appeals related to his status as “Satoshi.”
For the most up-to-date case information, refer to the UK Supreme Court’s case summary. More details about the prior ruling are available in the Tribunal’s judgment.
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