Business

BSV investors launch £10 billion lawsuit against Binance over controversial 2019 delisting

Monday, 12 May 2025 12:06AM UTC

Amid claims that Binance’s 2019 delisting of Bitcoin Satoshi’s Vision undermined its market potential, investors have filed a £10 billion lawsuit challenging the decision. The case highlights broader questions about exchange accountability, regulatory compliance, and the future of digital asset trading after Binance’s hefty fines and former CEO’s legal battles.

Amid the historic halls of London’s Royal Court of Justice, a dramatic legal battle is unfolding, drawing attention from cryptocurrency enthusiasts and investors alike. The focal point of this intense scrutiny is Bitcoin Satoshi’s Vision (BSV), whose investors are pursuing a staggering £10 billion lawsuit against prominent crypto exchanges, including Binance. This litigation centres on the claim that the delisting of BSV in 2019 significantly harmed its market potential and contributed to ongoing price declines.

BSV's contentious history is rooted in its origins as a hard fork of Bitcoin Cash, itself derived from the original Bitcoin. This convoluted lineage is emblematic of the fractious debates that often characterise the cryptocurrency community, particularly surrounding figures like Craig Wright. Wright controversially asserts he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin, a claim that remains unsubstantiated and has alienated many within the crypto ecosystem. The delisting by Binance, a decision reportedly based on ethical concerns regarding Wright's conduct, set off a chain reaction of departures from other exchanges, thereby reducing BSV's visibility and accessibility in a fiercely competitive market.

The Investing BSV community argues that these actions not only stripped the cryptocurrency of its trading avenues but also weakened its market position at a time when it was attempting to solidify its identity. Compounding this misfortune, BSV has endured multiple 51% attacks, which have further undermined its standing and reliability. As investors mobilise in pursuit of legal remedy, they aim to overturn a decision from the UK Competition Appeal Tribunal made in July 2024, which dismissed claims of lost opportunities for investors. Should they succeed, it could set an important legal precedent for other digital assets and their investors, potentially altering how exchanges operate and interact with regulatory frameworks.

Meanwhile, the legal woes facing Changpeng Zhao, the former CEO of Binance, reflect the myriad challenges currently impacting the cryptocurrency landscape. In late 2023, Zhao pleaded guilty to violating the Bank Secrecy Act, leading to heavy penalties against both him and Binance. The company was required to pay a historic $4.3 billion fine, marking a significant fleck of controversy in the already tumultuous narrative surrounding the exchange. Zhao’s plea not only underscored the complex ethical and operational hurdles Bitcoin exchanges face but also set a troubling precedent regarding compliance within the cryptocurrency sector. This downfall has prompted Zhao to adopt a new advisory role, focusing on blockchain initiatives in countries like Pakistan and Kyrgyzstan, showcasing the resilience and adaptability required in the rapidly evolving digital asset market.

This ongoing saga serves as a stark illustration of the volatility embedded within the cryptocurrency ecosystem. Investors pursuing BSV are caught in a tumultuous strive to reclaim lost fortune, while the broader implications of this legal challenge provide a lens into the future of cryptocurrency regulation and operations. As the world watches, the lessons learned from BSV’s plight may ripple throughout the market, influencing strategies for safeguarding investments and navigating both legal and market uncertainties.

Navigating this dynamic landscape calls for investors to employ diverse strategies; for instance, maintaining a diverse portfolio might mitigate specific asset risks, while continuously staying informed on legal developments can aid in making astute investment decisions. Furthermore, as the scrutiny on centralised exchanges heightens, decentralized finance (DeFi) platforms may emerge as appealing alternatives, providing ecosystems less vulnerable to the whims of corporate decision-making.

As the courtroom drama progresses, it brings to light the complexities of a sector often characterised by hype and speculation. For those involved, the stakes are not merely financial but also indicative of the principles underlying blockchain technologies and digital currencies—a narrative still being written in real time, marked by ambition, challenge, and unpredictable outcomes. In this continuously shifting milieu, adaptability and awareness remain paramount for investors aiming to thrive amid the turbulence of the crypto landscape.

Reference Map

Core focus on the legal battle regarding BSV and its implications.
Background information around Binance's legal strategies and statements.
Details on Changpeng Zhao's legal troubles and his transition away from Binance.
Context on cryptocurrency volatility and potential impacts on market dynamics.
Recommendations for navigating the evolving landscape of cryptocurrency investment.

Source: Noah Wire Services

More on this

https://macholevante.com/news-en/164228/the-battle-to-revive-bitcoin-satoshis-vision-a-legal-showdown-against-crypto-giants/ - Please view link - unable to able to access data
https://www.reuters.com/technology/crypto-exchange-binance-seeks-slash-size-13-bln-uk-lawsuit-2024-06-05/ - In June 2024, Binance sought to reduce the size of a £10 billion lawsuit in the UK, alleging that it and other exchanges conspired to delist Bitcoin Satoshi's Vision (BSV) in 2019, leading to a significant drop in its value. Binance requested the Competition Appeal Tribunal to dismiss claims that BSV had the potential to become a major cryptocurrency, arguing that BSV holders voluntarily chose to retain their assets. Binance declined to comment on the ongoing litigation, while a Kraken spokesperson described the lawsuit as 'unfounded'.
https://www.reuters.com/technology/binance-founder-zhao-released-us-custody-bloomberg-news-reports-2024-09-27/ - In September 2024, Binance founder Changpeng Zhao was released from a California correctional facility after serving a four-month sentence for violating U.S. money laundering laws. Zhao had pleaded guilty to charges that Binance failed to report over 100,000 suspicious transactions linked to terrorist groups and other illicit activities. As part of the settlement, Binance agreed to pay a $4.32 billion penalty, and Zhao personally paid $50 million in criminal fines and another $50 million to the U.S. Commodity Futures Trading Commission.
https://www.coindesk.com/policy/2023/11/21/binance-to-settle-charges-with-us-doj-source - In November 2023, Binance agreed to a $4.3 billion settlement with U.S. authorities over money laundering violations. Founder Changpeng Zhao pleaded guilty to charges related to failing to implement an effective anti-money laundering program. As part of the settlement, Zhao stepped down as CEO, and Richard Teng was appointed as the new CEO. The settlement also required Binance to appoint an independent compliance monitor for three years and report its compliance efforts to the U.S. government.
https://www.washingtonpost.com/national-security/2023/11/21/binance-changpeng-zhao-guilty-plea/ - In November 2023, Binance and its founder, Changpeng Zhao, pleaded guilty to violating criminal anti-money-laundering guidelines. The company agreed to pay a $4.3 billion fine, one of the largest ever levied against a corporation. Zhao stepped down as CEO and was fined $50 million. The plea agreement marked the culmination of a three-year investigation by the Justice Department into Binance's operations, which included failing to implement reporting programs for suspicious transactions.
https://www.justice.gov/criminal/case/united-states-v-changpeng-zhao - In November 2023, Binance's founder and CEO, Changpeng Zhao, pleaded guilty to violating the Bank Secrecy Act by causing Binance to fail to implement an effective anti-money laundering program. Simultaneously, Binance Holdings Limited pleaded guilty to conspiracy to violate the Bank Secrecy Act and other related charges. Binance agreed to pay $4.3 billion in penalties and undertake compliance enhancement and remediation, retaining an independent monitor. This prosecution was led by the Criminal Division’s Money Laundering and Asset Recovery Section, the National Security Division, and the U.S. Attorney’s Office for the Western District of Washington.
https://en.wikipedia.org/wiki/Bitcoin_Satoshi_Vision - Bitcoin Satoshi's Vision (BSV) is a cryptocurrency that emerged from a hard fork of Bitcoin Cash, which itself was a fork of the original Bitcoin. In April 2019, Binance delisted BSV following a dispute involving Craig Wright, who claims to be Satoshi Nakamoto. Binance stated that it periodically reviews each digital asset to ensure it meets high standards, considering factors such as the commitment of the team, development activity, network stability, public communication, and evidence of unethical conduct.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 8

Notes: The narrative references events up to July 2024 and late 2023, including the UK Competition Appeal Tribunal decision and Changpeng Zhao’s legal issues, reflecting recent developments. No signs of recycled or outdated information were found. However, the details involving Zhao's plea and role change could be fact-checked further as these are very recent events, which slightly limits full freshness confidence.

Quotes check

Score: 7

Notes: The narrative includes attributed claims, such as Craig Wright’s assertion of being Satoshi Nakamoto and the legal claims from BSV investors. These claims are well-known and have appeared in earlier reports. No direct, verbatim quotes from named individuals were identified for verification. Since no exact quotes are present, the originality of direct speech cannot be ascertained but the paraphrased content aligns with public record.

Source reliability

Score: 5

Notes: The narrative originates from MachoLevante, a less widely known crypto news outlet without a major global reputation. This reduces certainty about editorial rigour and fact verification compared to established sources like Reuters or BBC. The lack of corroboration from prominent financial or mainstream media outlets means the reliability assessment is moderate.

Plausability check

Score: 8

Notes: The claims about the £10 billion lawsuit over BSV delisting, Zhao’s legal penalties, and the competition tribunal align with plausible scenarios given known tensions in crypto regulation. The timelines and roles described fit public knowledge of crypto industry events. Although full verification of legal details and financial penalties requires official records, the narrative is credible and consistent with recent industry trends.

Overall assessment

Verdict (FAIL, OPEN, PASS): OPEN

Confidence (LOW, MEDIUM, HIGH): MEDIUM

Summary: The narrative reflects recent and plausible events in the cryptocurrency arena, notably regarding BSV and Binance executives. While it scores well on freshness and plausibility, the absence of exact quotes and the moderate reliability of the originating outlet limit full confidence. Additional confirmation from more established publications or official court and regulatory documents would be needed for a strong PASS.

Bitcoin Satoshi's Vision
Binance
cryptocurrency lawsuit
Craig Wright
crypto regulation