Binance and Kraken Win as UK Court Rejects BSV Delisting Lawsuit

TLDR

• The UK Supreme Court refused to hear BSV Claims Limited’s $13B appeal.

• The case targeted Binance, Kraken, and others over BSV’s 2019 delisting.

• Judges ruled BSV holders cannot claim losses for speculative token growth.

• Courts confirmed that exchanges may delist assets without legal liability.

The UK Supreme Court has refused to hear a $13 billion appeal brought by Bitcoin Satoshi Vision (BSV) investors against several major cryptocurrency exchanges. The decision ends one of the largest crypto-related legal actions in the country, concerning the 2019 delisting of BSV tokens.

The top court’s ruling upholds earlier judgments that dismissed claims of coordinated delisting and speculative loss of future value.

Final Ruling Closes Major Crypto Lawsuit

In its decision released on December 8, the UK Supreme Court stated that BSV Claims Limited’s application “does not raise an arguable point of law or a point of law of general public importance.” This final rejection confirms the earlier Court of Appeal’s ruling from May 2025, which dismissed the claims.

The lawsuit was brought by BSV Claims Limited on behalf of around 243,000 UK-based token holders. It alleged that Binance, Kraken, ShapeShift, and Bittylicious coordinated to delist BSV in violation of UK competition law. The claimants argued that this action led to a collapse in the token’s price and cost investors billions in hypothetical gains.

A subgroup of around 75,000 investors sought damages for “foregone growth,” arguing that BSV could have seen value gains similar to Bitcoin. The courts rejected this argument, stating that damages based on speculative future prices are not recoverable under UK law.

Exchanges Cleared of Liability for Delisting Decisions

Crypto exchanges named in the case—including Binance and Kraken—have viewed the outcome as a legal win. The Court of Appeal previously ruled that token holders who were or should have been aware of the delistings had the opportunity to sell and mitigate their losses.

The UK’s Competition Appeal Tribunal also sided with the exchanges earlier in the process. The court found no basis for claims that the exchanges acted unlawfully or colluded in a way that breached competition law. The ruling emphasized that delisting decisions are a matter of business discretion, especially when driven by risk or reputation concerns.

Crypto lawyer Irina Heaver, said the result confirms that “courts are not a tool for reversing reputational decline or reviving contested projects when the market has already rendered its verdict.”

Legal Precedent for Future Token Delisting Disputes

The court’s decision sets a clear precedent for future disputes involving token delistings. Legal experts say it affirms that platforms are not obligated to maintain listings for tokens that no longer meet internal risk or trust standards.

Heaver added that the “lost chance” theory used in the case stretched traditional damages law. She argued that it attempted to hold exchanges accountable for potential future gains without showing real financial harm. “Delisting is not market abuse,” she said. “Trust, reputation, and risk perception are fundamental in the crypto industry.”

Following its 2019 delisting, BSV’s value has remained low compared to Bitcoin. As of recent months, BSV has traded around $18–$19, while Bitcoin has risen over 2,300% since the same period.

BSV Claims Limited has not issued a public comment on the Supreme Court’s decision.

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