UK Supreme Court Rejects $13B Appeal Against Major Crypto Exchanges

TLDR

• The UK Supreme Court declined to hear BSV Claims Limited’s $13 billion appeal.
• The case targeted major exchanges like Binance and Kraken regarding BSV’s 2019 delisting.
• Judges ruled that BSV holders cannot claim losses based on speculative token growth.
• Courts confirmed that exchanges can delist assets without facing legal liability.

The UK Supreme Court recently made headlines by refusing to hear a monumental $13 billion appeal involving Bitcoin Satoshi Vision (BSV) investors and leading cryptocurrency exchanges. The decision effectively concludes one of the most significant legal disputes in the United Kingdom regarding cryptocurrency and exchange operations.

Final Ruling Closes Major Crypto Lawsuit

On December 8, the Supreme Court published a brief but potent ruling regarding the case brought forth by BSV Claims Limited. The court stated that the appeal “does not raise an arguable point of law or a point of law of general public importance.” This decisive stance supports earlier judgments, particularly a May 2025 Court of Appeal ruling that dismissed the original claims lodged by BSV Claims Limited.

This lawsuit represented approximately 243,000 UK-based token holders. It alleged coordinated efforts by Binance, Kraken, ShapeShift, and Bittylicious to delist BSV, which the claimants argued violated UK competition law. The investors contended that this strategic delisting caused a significant collapse in BSV’s market value, resulting in billions of dollars in hypothetical losses.

Speculative Losses Dismissed

A subgroup of around 75,000 investors within the broader class action sought damages under the idea of “foregone growth,” suggesting that BSV could have experienced value increases comparable to Bitcoin’s meteoric rise. The courts ultimately dismissed this notion, asserting that damages predicated on speculative future pricing are not recoverable under current UK legal frameworks. This rejection underscores the courts’ reluctance to attach monetary value to hypothetical gains without substantive proof of actual financial harm.

Exchanges Cleared of Liability for Delisting Decisions

For the cryptocurrency exchanges involved—including Binance and Kraken—the Supreme Court’s outcome is viewed as a significant legal victory. The Court of Appeal previously ruled that token holders had sufficient warning regarding the delistings and therefore had the opportunity to sell their assets to mitigate losses.

Furthermore, the UK’s Competition Appeal Tribunal sided with the exchanges early in the legal process, reinforcing the idea that delisting decisions are a matter of business discretion. The court found no evidence of unlawful action or collusion among the exchanges that would contravene competition laws. Delistings driven by factors like risk and reputational concerns do not constitute legal liability.

Legal Precedent for Future Token Delisting Disputes

The implications of this ruling extend beyond BSV and its investors; the decision establishes a critical legal benchmark for future disputes around token delistings. Legal experts interpret this outcome as a confirmation that exchanges are not obligated to keep listing tokens that fail to comply with internal risk assessment standards or trust protocols.

Crypto-lawyer Irina Heaver pointed out that the “lost chance” theory applied in this case stretched the boundaries of traditional damages law, attempting to hold exchanges accountable for potential future gains without demonstrating real financial losses. She stressed that delistings should not be viewed as market manipulation, as trust, reputation, and risk perception are integral to the cryptocurrency landscape.

Following its delisting in 2019, BSV has struggled to regain value. While BSV currently trades in the range of $18–$19, Bitcoin has surged over 2,300% in the same time frame, illustrating a stark contrast in market performance.

BSV Claims Limited has yet to provide any public commentary on the Supreme Court’s decision, leaving many in the crypto community awaiting further developments related to this landmark case.