BSV investors file 9.9 billion class action lawsuit against Binance, Bittylicious, Kraken and Shapeshift

A 9.9 billion class action lawsuit has been filed against Binance, Bittylicious, Kraken and Shapeshift on behalf of BSV investors over the exchanges collective delisting of the digital asset.

The four cryptocurrency exchanges are accused of colluding to damage the prospects of BSV by delisting the asset without good reason, thereby reducing, preventing or distorting competition in the United Kingdom in breach of the Competition Act 1998. Kraken and Binance are also accused of causing further losses to BSV investors by forcibly converting BSV to other cryptocurrencies without investors consent.

The suit is brought in the Competition Appeal Tribunal (CAT) by law firm Velitor Law. Known in the U.K. as a collective proceedings order (CPO), the claim is similar to class action lawsuits allowed in the United States. It is brought on behalf of an estimated BSV 240,000 investors on an opt-out basis, meaning that anyone who falls into the class is included automatically unless they specifically opt-out.

Most significantly, the claim is being led by some serious regulatory heavyweights. Though the action is formally brought by BSV Claims Limited, an entity formed solely for the purpose of bringing the CPO, the director of that company (and the practical class representative) is Lord David Currie of Marylebone, who was the inaugural Chair of the Competition and Markets Authority, the U.K.s competition regulator. Lord Currie was also the inaugural chair of Ofcom and was the Dean of the London Business School.