Regulation

Binance, Kraken Face Legal Action For Delisting Bitcoin SV Over CSW’s Satoshi Claims

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Crypto exchanges Binance and Kraken are set to face legal action in London this week as part of a three-day hearing brought by BSV Claims Ltd. The legal challenge arises from the exchanges’ decision to delist Bitcoin SV (BSV) in 2019. The delisting followed controversial claims by Craig Steven Wright (CSW) that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC).

Binance & Kraken Brace For Legal Showdown

BSV Claims Ltd argues that the delisting of BSV was based on fraudulent claims and collusion among the exchanges, which severely impacted the value and liquidity of BSV. According to BSV Claims Ltd, the exchanges’ actions were not only unfounded but also violated competition law. They specified the violation of Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Section 2 of the UK’s Competition Act 1998.

Moreover, the case revolves around a series of tweets between April 12 and April 19, 2019. These posts are referred to as the “Collusive Tweets,” where various crypto exchanges, including Binance and Kraken, disclosed their intentions to delist BSV.

This culminated in the delisting events from April 15 to June 5, 2019, where these Binance and Kraken followed through on their announcements. Furthermore, BSV Claims Ltd alleges that these actions constituted an anticompetitive agreement aimed at distorting competition in the cryptocurrency market.

Robert Buckland MP, who is standing in the upcoming UK general election for Swindon South against Labour’s Heidi Alexander, has been drawn into the controversy due to his advisory role with BSV Claims Ltd. Buckland, who receives £5,000 per quarter for advising the company for six hours per month, has faced criticism from BitMEX Research. In a post on X, BitMEX spotlighted his involvement in what they described as a “frivolous” case.

Also Read: PEPE Price Soars As Fresh Wallet Scoops 202 Bln Coins From Binance, More Gains Ahead?

Insight Into Judgement Against CSW

Moreover, Justice Mellor’s recent ruling found that Wright’s claims of being Satoshi Nakamoto were built on fraudulent documents, adding a significant dimension to the current legal proceedings. Hence, the hearing will delve into whether the exchanges’ decisions to delist BSV were influenced by these false claims and whether they acted in concert to harm BSV’s market position.

BSV Claims Ltd maintains that the value of blockchain technology underpinning BSV and other cryptocurrencies is substantial. They emphasized the offering innovations such as smart contracts and secure record-keeping. Moreover, the delisting, they argue, unfairly undermined this potential by damaging BSV’s market standing.

Wright has long portrayed himself as a polymath, claiming to have authored the Bitcoin White Paper and developed the first version of the Bitcoin Source Code. However, the court found that Wright extensively lied and fabricated documents to support his Satoshi Nakamoto claim.

The recent judgment highlights Wright’s deceit, revealing that he mixed partial truths with lies. In addition, it spotlighted the often use of complex jargon to confuse issues. When confronted with evidence against his claims, Wright resorted to further lies and evasions, blaming others.

Notably, the court identified specific instances of his dishonesty. These include the false testimony about Mr. Matthews receiving the Bitcoin White Paper in 2008. Moreover, Wright’s fabrications were found to be clumsy and easily detectable, leading the court to conclude that his attempts to prove he is Satoshi Nakamoto were fraudulent.

In addition, his misconduct has spanned multiple jurisdictions, including the UK and Norway, and previous cases like the Kleiman litigation. The judgment details Wright’s systematic efforts to deceive the court, marking a severe abuse of the legal process.

Also Read: Binance Burns 60 Billion Terra Luna Classic (LUNC) Post 1.35B LUNC

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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