Binance Seeks to Slash Size of $13B UK Lawsuit
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Binance Moves to Reduce Lawsuit Size

Binance, a prominent cryptocurrency exchange, has moved to dismiss a significant portion of a £10 billion ($12.8 billion) lawsuit in London. The lawsuit claimed that the prominent exchange and other exchanges conspired to remove Bitcoin Satoshi Vision (BSV) from their platforms.

The case, filed at London’s Competition Appeal Tribunal (CAT), is brought on behalf of over 200,000 BSV owners. The plaintiffs allege that Binance and other exchanges, including Kraken, engaged in anti-competitive behavior by delisting BSV in 2019.

They argue that this move caused the value of BSV to plummet and prevented it from becoming a “top tier” cryptocurrency, estimating the financial damage to be up to £9 billion. BSV Claims (the entity pursuing the case) argued that the exchanges’ actions significantly devalued the BSV coin.

Lawyers for BSV Claims added that the issue should proceed to trial alongside the rest of the case. Binance, however, has requested the CAT to dismiss the part of the lawsuit related to BSV’s alleged potential to become a top cryptocurrency.

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Brian Kennelly, representing Binance, contended that those who kept their BSV did so by choice. He pointed out that they could sell their BSV and reinvest in other cryptocurrencies.

While the exchanges do not oppose the case being certified under the UK’s collective proceedings regime, like the US class action system, Binance wants to exclude the claims regarding BSV’s potential from the lawsuit.

Genesis of the Controversy

Claims from Australian computer scientist Craig Wright partly influenced Binance, Kraken, and other exchanges’ decision to delist BSV. Wright asserted that he was the pseudonymous inventor of Bitcoin, known as “Satoshi Nakamoto.”

The outcome of this case could have significant implications for the involved exchanges and the broader cryptocurrency market. If the tribunal sides with BSV Claims, it could set a precedent for how exchanges handle delistings and the financial repercussions of such decisions.

Detained Binance Exec: Lawmakers Urge Biden to Act

Meanwhile, a group of US lawmakers has requested President Joe Biden’s help to free Tigran Gambaryan, a Binance executive detained in Nigeria for almost three months. The lawmakers, led by House Foreign Affairs Committee Chair Michael McCaul (R-Texas), fear for Gambaryan’s life and are urging immediate action.

The legislators expressed significant worries regarding Gambaryan’s safety, stressing the necessity for immediate actions to avert any critical situation. In a letter addressed to President Biden, Presidential Envoy for Hostage Affairs Roger D. Carstens and Secretary of State Antony Blinken requested that Gambaryan’s detention be treated as a hostage scenario to expedite his return to the US.

Gambaryan, who serves as Binance’s head of compliance, was detained alongside another company executive, Nadeem Anjarwalla. The two were in Nigeria to resolve a dispute with the crypto exchange when Nigerian officials detained them.

While Anjarwalla managed to escape, Gambaryan remains in custody. The detained executive’s family has expressed concerns about his health, reporting that he may have contracted malaria.

These fears were heightened when Gambaryan collapsed in a Nigerian court on May 24. Binance and Gambaryan face multiple charges in Nigeria, including money laundering and tax evasion.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.

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