Market News

UK Crypto Investors Face Setback as Court Dismisses BSV Appeal

The UK Supreme Court has rejected an appeal from Bitcoin Satoshi Vision (BSV) investors seeking $13 billion in damages from major crypto exchanges.

This appeal stemmed from significant losses experienced by investors after BSV was delisted from platforms like Binance and Kraken in 2019.

Justices of the court concluded that the appeal did not raise a significant legal question or matter of public importance.

BSV Claims Limited argued that the delisting caused substantial financial harm, claiming an immediate decline in the coin's value.

However, prior rulings by the UK Competition Appeal Tribunal dismissed the idea of a “forgone growth effect,” indicating BSV's value was not destined to recover.

The Supreme Court's ruling marks a significant legal win for exchanges, suggesting UK courts will not endorse speculative claims based on market conditions.

Experts, including crypto attorney Irina Heaver, noted that this case emphasizes that exchanges are not required to support liquidity for assets perceived as lacking market confidence.

Moreover, this decision sheds light on the challenges of pursuing speculative damages in the unpredictable crypto landscape.

With BSV's value plummeting over 96% since its peak in 2021, this ruling may discourage future legal actions from investors against exchanges.

In stark contrast, Bitcoin has recently reached new highs, highlighting differing market perceptions between BSV and Bitcoin within the crypto environment.