UK court dismisses $11.9 billion Bitcoin SV lawsuit against Binance

The United Kingdom’s Court of Appeal has partially dismissed a lawsuit filed by Bitcoin SV (CRYPTO:BSV) investors against Binance and other cryptocurrency exchanges over the token’s delisting in 2019.

Investors had sought more than £8.9 billion ($11.9 billion) in damages, arguing they lost potential profits from BSV’s hypothetical rise to a top-tier cryptocurrency.

In a May 21 ruling, the court rejected the “foregone growth effect” claim, stating that BSV was not a unique asset and that alternatives such as Bitcoin (CRYPOT:BTC) and Bitcoin Cash (CRYPOT:BCH) were available.

Master of the Rolls Sir Geoffrey Vos noted that investors had a responsibility to mitigate their losses by selling or reallocating funds to other assets.

He emphasised that losses must be measured shortly after the delisting, not based on speculative future gains.

The court also dismissed the notion of a “loss of a chance” to benefit from price increases, citing the unpredictable nature of crypto markets.

Even investors who were unaware of the delisting could only claim the value of their BSV holdings at the time, along with any quantifiable consequential losses.

The judgment represents a partial win for Binance, which had filed a limited strike-out application to narrow the lawsuit’s scope.

Separately, Binance has moved to dismiss a $1.76 billion suit filed by the FTX (CRYPTO:FTT) estate.

In its defense, Binance argued that the FTX collapse stemmed from internal fraud, referencing the conviction of former FTX CEO Sam Bankman-Fried, and requested the court dismiss all claims with prejudice.

The FTX estate has not yet responded to Binance’s motion.

At the time of reporting, the Bitcoin SV (BSV) price was $39.46.