The UK Court of Appeal partially dismissed a lawsuit brought by Bitcoin SV (BSV) investors against major cryptocurrency exchanges, including Binance, accusing them of conspiring to delist the token in 2019.
In a ruling on May 21, 2025, the court determined that investors holding BSV during the delisting period (classified as "Subclass B") were not entitled to speculative damages amounting to billions of pounds based on hypothetical growth of BSV.
These investors had claimed over £8.9 billion ($11.9 billion), arguing that Binance's delisting deprived holders of the opportunity to profit from BSV potentially rising to become a "top cryptocurrency" like Bitcoin (BTC) or Bitcoin Cash (BCH).
The court rejected the theory of "missed growth opportunity," stating, "BSV is clearly not a unique cryptocurrency and has no reasonably similar alternatives." The court also noted that the representatives themselves used Bitcoin and Bitcoin Cash as comparison points.
The core claim of Subclass B was that the delisting caused them to miss the opportunity to profit from price appreciation. However, the court found that these investors had ample opportunity to mitigate their losses by selling or reinvesting in other crypto assets.
"They have a duty to mitigate their losses," wrote Sir Geoffrey Vos, the Chief Justice of the Court of Appeal, "and they cannot recover losses that could have been mitigated through reasonable measures."
The appeal also questioned the court's application of the "market mitigation rule," arguing that such issues should be resolved at trial.
The court dismissed this view, pointing out that the rule clearly applies to freely tradable assets like BSV, and damages must be assessed shortly after the delisting.
An additional argument regarding "missed future price appreciation opportunities" was also rejected. The court ruled that this argument "is fundamentally flawed" and noted that "cryptocurrency is inherently a volatile investment."
Binance's limited motion to dismiss was ultimately successful, with the court stating that even if some holders were unaware of the delisting event, "they cannot claim more than the total value of their holdings prior to the delisting plus any quantifiable indirect losses."
On May 16, Binance filed a motion to dismiss a $1.76 billion lawsuit brought by the FTX bankruptcy estate, claiming that the allegations were legally flawed and an attempt to shift the blame for FTX's collapse onto others.
The exchange stated that FTX's collapse was due to internal fraud, not external manipulation, citing Sam Bankman-Fried's convictions on multiple fraud charges.
Binance has requested the court to dismiss all allegations entirely. The FTX bankruptcy estate has yet to respond.
Related: Lawyer: Dubai regulators clarify rules for tokenization of real-world assets (RWA)
Original article: “Binance Achieves Legal Victory in UK Court, Partially Dismissing BSV Lawsuit”
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