Should that hearing lead to a certification, the case will then proceed to trial. A certification hearing is likely to be scheduled in a matter of weeks absent any challenge by the defendants. The next step is for the claim to be certified by the CAT. We aim to show that these exchanges harmed BSV and caused financial hurt to many small, individual investors.” This is a rare type of case, which has only been recently made possible in the English courts due to changes in the law in 2015. “Thousands and thousands of people have potentially lost significant amounts of money, through no fault of their own, due to the actions of these exchanges and we are determined to help them win that money back. Seamus Andrew, founder and managing partner at Velitor, said: “The fact that the delisting activity described… was concerted and has gone unchallenged by regulators raises, to my mind, serious consumer protection issues.” They should not have to take the risk of the value of their investment being affected by anti-competitive practices.” Consumers investing in cryptocurrencies take the risk of volatile prices. Ensuring fair competition is an essential part of protecting consumers.
#BINANCE VS KRAKEN PROFESSIONAL#
Much of my professional life as an economist and a regulator has been concerned with consumer protection. “I also regard this case as an opportunity to demonstrate that competition law applies in the sphere of crypto assets in the same way that it does to other economic activities. “I have agreed to take this role in relation to the Proposed Collective Proceedings because I believe that the class members deserve to be protected from anti-competitive behaviour,” said Lord Currie in his witness statement. Lord Currie was also the inaugural chair of Ofcom and was the Dean of the London Business School. Though the action is formally brought by BSV Claims Limited, an entity formed solely for the purpose of bringing the CPO, the director of that company (and the practical class representative) is Lord David Currie of Marylebone, who was the inaugural Chair of the Competition and Markets Authority, the U.K.’s competition regulator. Most significantly, the claim is being led by some serious regulatory heavyweights. It is brought on behalf of an estimated BSV 240,000 investors on an opt-out basis, meaning that anyone who falls into the class is included automatically unless they specifically opt-out. as a collective proceedings order (CPO), the claim is similar to class action lawsuits allowed in the United States. The suit is brought in the Competition Appeal Tribunal (CAT) by law firm Velitor Law. Kraken and Binance are also accused of causing further losses to BSV investors by “forcibly converting BSV to other cryptocurrencies without investors’ consent.”
The four cryptocurrency exchanges are accused of colluding to damage the prospects of BSV by delisting the asset without good reason, thereby reducing, preventing or distorting competition in the United Kingdom in breach of the Competition Act 1998.
A £9.9 billion class action lawsuit has been filed against Binance, Bittylicious, Kraken and Shapeshift on behalf of BSV investors over the exchanges’ collective delisting of the digital asset.
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