Bitcoin Satoshi’s Vision Investors Revive Lawsuit Against Binance
Investors in Bitcoin Satoshi’s Vision (BSV) are making renewed efforts to bring back a lawsuit against the cryptocurrency exchange Binance from 2019. They assert that Binance’s decision to delist BSV significantly harmed the token’s long-term value.
BSV is currently trading around $42 and is a hard fork of Bitcoin Cash (BCH), which in turn was forked from the original Bitcoin (BTC) network.
The plaintiffs are appealing to the UK Court of Competition Appeals to reconsider a ruling from July 2024 that dismissed their “loss of chance” claim.
They argue that Binance’s decision to list BSV, along with similar actions by other major exchanges, has effectively stifled the AltCoin’s market potential.
Originally, the lawsuit sought $9 billion in damages, but the investors now claim that if they proceed with the case, they could pursue up to £10 billion, approximately $13 billion.
Legal representatives suggest that BSV has never fully recovered since the registration changes and is experiencing ongoing performance declines due to limited visibility and transaction access.
Despite a 15% rise in price following the announcement of these renewed legal efforts, BSV continues to be in a downtrend, struggling to gain market share or network strength relative to Bitcoin.
Currently, discussions are underway at the Royal Court of Justice in London. BSV holders are aiming to secure £9 billion after Binance eliminated BSV coins back in 2019, citing issues with listing standards.
This move came amid ongoing claims from BSV’s creator, Craig Wright. Former Binance CEO Changpeng Zhao had previously cautioned that Wright’s actions could have consequences for BSV’s listing.
Since then, BSV has been subjected to multiple 51% attacks, which have damaged confidence in its blockchain security and stability.
Such events have only intensified skepticism regarding the project’s viability, even with backers pursuing legal action.
In a related development, Zhao recently confirmed that he had formally applied for a presidential pardon, a few weeks after initially denying any plans to do so.
In statements made on May 6, Zhao mentioned that his legal team had submitted a request following widespread media discussion on the topic.
He said, “I applied for an attorney,” noting that after articles from Bloomberg and The Wall Street Journal, he felt it was time to take action.
“If they’re reporting this, I might as well apply officially,” he added.
A former crypto mogul had pleaded guilty in November 2023 to violating the Bank Secrecy Act as part of a settlement with U.S. authorities, resulting in a $4.3 billion fine for Binance and a personal donation of $50 million from Zhao.
He received a four-month prison sentence and is prohibited from holding a management position at Binance as part of the agreement.
Since then, Zhao has shifted his focus to international advisory work, guiding governments in Pakistan and Kyrgyzstan on crypto regulations and blockchain integration.
