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A UK appellate judge has upheld a tribunal’s decision to strike out a key damages argument in the landmark BSV Claims Ltd v. Binance and Kraken class action,Â
A UK appeals court has dismissed most of a $13.3 billion class action against Binance, rejecting claims that BSV could have matched Bitcoin’s (BTC) value if not delisted in 2019.Â
The court ruled the damages were speculative and said investors had a duty to sell in the open market. Smaller claims from users who lost access or sold at a loss may still proceed.
The case, launched by BSV Claims Ltd, seeks damages on behalf of BSV (BSV) investors following the cryptocurrency’s 2019 delisting from major exchanges Binance and Kraken.Â
The representative claim had relied in part on a “loss of chance†argument, asserting that BSV would have gained in value and possibly become a top-tier crypto asset if not for the delistings. The Tribunal and now the court rejected that argument.
According to the ruling, BSV holders who knew about the delistings (classified as “sub-class Bâ€) had the opportunity to sell their holdings and mitigate their losses.Â
Since BSV was a tradeable asset with comparable alternatives like Bitcoin and Bitcoin Cash, cited by the claimants themselves, the court found that holding onto BSV after the delisting was a voluntary investment decision, not a recoverable loss.
The court also held that the loss of chance doctrine, typically applicable when outcomes hinge on third-party decisions, didn’t fit the facts.
 It found the case revolved around direct causation: whether BSV would have increased in value but for the delisting. That, the judge said, is a matter to be determined on the balance of probabilities, not speculation.
The judge also criticized the absence of a formal order by the Competition Appeal Tribunal, noting that such an order would have clarified the scope of the claim, especially with an appeal pending.
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