UK Appeals Court Dismisses Bitcoin SV Investors’ $13.3B Damages Bid Against Binance
The UK Court of Appeal dismissed the majority of a $13.3 billion class action against Binance, significantly impacting Bitcoin SV (BSV) investors. The court rejected the investors' theory that BSV's delisting in 2019 hindered its growth potential, deeming the claim speculative. The claim sought 352 times the original value of BSV held by certain investors but was ruled inadmissible. The court noted that the claimants' expert relied on comparisons with Bitcoin and Bitcoin Cash, undermining the uniqueness of BSV. The “loss of chance” theory was also dismissed as legally inapplicable. The ruling affirmed a previous decision applying the “market mitigation rule,” which requires claimants to minimize losses in a functioning market. While the main claims against Binance were dismissed, smaller claims related to loss of access or sales at a loss post-delisting may still proceed.
