World leading crypto exchanges Binance and Kraken are preparing to have their time in a London court later this week. This is in line with a three-day hearing of a case initiated by BSV Claims Ltd. following the decision of the exchanges to delist Bitcoin SV (BSV) back in 2019. At the time, the exchanges reportedly took the decision after Craig Steven Wright (CSW) came forward with the controversial claims of being the elusive Satoshi Nakamoto, the creator of Bitcoin (BTC).
Binance and Kraken Allegedly Colluded to Manipulate Bitcoin SV Market
BSV Claims Ltd insists that there was a deliberate effort on the part of several exchanges to delist BSV. The firm claims that the coordinated actions of these exchanges were exactly the undoing of the cryptocurrency’s value as well as its liquidity.
Per BSV, Binance and Kraken’s actions were not only baseless but also violated competition laws, specifically Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Section 2 of the UK’s Competition Act 1998.
The case draws reference to a series of tweets between April 12 and April 19, 2019, which it calls the “Collusive Tweets.” Binance and Kraken, as well as several other crypto exchanges, reportedly took to X (then Twitter) to announce their intentions to delist BSV. These announcements led to the actual delistings from April 15 to June 5, 2019. BSV Claims Ltd alleges that the coordinated actions of the exchanges constituted an anticompetitive agreement aimed at manipulating the crypto market.
Adding a political dimension to the case, Robert Buckland MP has come under fire for his advisory role with BSV Claims Ltd. According to BitMEX Research, Buckland, who is contesting the upcoming UK general election for Swindon South, is said to be receiving £5,000 per quarter for his advisory services to BSV. Hence, the case is a “frivolous” one, BitMEX noted.
What to Expect
An all-important aspect of the upcoming hearing will be determining whether Binance and Kraken’s delisting decisions were influenced by Craig Wright’s false claims of being Satoshi Nakamoto. The hearing will also seek to establish whether Binance and Kraken, alongside others, acted in harmony to harm BSV’s market position.
Interestingly, however, Justice Mellor recently ruled that Wright’s claims were based on falsified documents. So, the judgment undoubtedly threatens his credibility and marks a significant turning point in the current proceedings.
Justice Mellor’s ruling revealed that Wright might have mixed partial truths with lies and used complex jargon to complicate matters. When confronted with evidence against his claims, Wright resorted to further lies and evasions, blaming others.
