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. It also noted that the claimants’ own expert relied on comparisons with other cryptocurrencies, such as Bitcoin and Bitcoin Cash, to estimate BSV’s value — undermining the claim that BSV was unique or irreplaceable.
Instead, the court said the case hinged on whether BSV had a genuine chance of becoming a leading cryptocurrency, a question that should be decided based on probability, not speculation or fallback theories.
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).