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Stay updated with the latest crypto news as we delve into the ongoing £10 billion lawsuit against Binance and other exchanges.

Latest Crypto News: Binance faces $10 billion lawsuit

Stay informed of the latest news about cryptocurrencies, as VPTrade covers all you need to know about the financial markets.

The ongoing UK litigation at the High Court against Binance and other cryptocurrency exchanges on accusations of anti-competitive behavior has rattled markets.

This article highlights the alleged anti-competitive behavior by Binance and its counterparty, Libertyx, which is also mentioned in the lawsuit.

It delves into the issue of an ongoing £10 billion lawsuit against Binance and other cryptocurrency exchanges in the UK, providing context and detailing what the accusation of anti-competitive behavior entails.

Furthermore, we examine the role played by Bitcoin Satoshi Vision (BSV) cryptocurrency.

Additionally, a broader perspective on the manner in which the crypto space handles such matters is presented.

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A crypto exchange has been taken to court by its owner for losses from a £10 billion ($12.8 billion) lawsuit in London. The case centers around claims that Binance and other exchanges controversially ‘delisted’ Bitcoin Satoshi Vision (BSV) cryptocurrency; its owners brought the case on behalf of more than 200,000 people, further increasing news and significance.

The lawsuit alleges that Binance and others colluded to de-list a cryptocurrency, which arguably represented an anti-competitive market position – ultimately massively depressing the value and potential of the cryptocurrency in question.

Latest Crypto News: The Lawsuit Details

Binance – as well as other exchanges such as Kraken – is being sued in another jurisdiction, London’s Competition Appeal Tribunal (CAT).

BSV Claims, which is bringing the action on behalf of the (now, presumably, former) owners of BSV, claims that the reason for the delisting was that BSV didn’t meet the required security standards of the exchange’ and, by delisting it, the exchanges ‘caused subscribers to hold BSV to lose the bulk of its value; and to remain incapable of becoming what might be described as members of the top tier of cryptocurrencies’.

This claim alone is valued at up to £9 billion and has made it one of the biggest stories in crypto news this week.

Latest Crypto News: Binance’s Defense

Binance, in its response to the lawsuit, has petitioned the CAT to throw out the claims related to whether BSV could’recover and become a significant cryptocurrency’.

According to Binance’s lawyer Brian Kennelly, those who chose to hold on to BSV after it was delisted made an ‘entirely voluntary decision’ – and easily could have sold the cryptocurrency for something else.

The ability of defendants to mount this defense holds the key to the latest news to come out of the crypto world.

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Latest Crypto News: Court Proceedings

BSV Claims’ attorneys counter that the issue should be referred to trial with the rest of the case, calling the exchanges’ behavior meriting a full judicial review.

Binance declined to comment on pending litigation, while a spokesperson for Kraken called the complaint ‘baseless’. ‘Meritless’ lawsuits and ‘baseless’ lawsuits. These are my latest headlines.

Latest Crypto News: Craig Wright’s Involvement

In part, it was a response to claims passed off by the Australian computer scientist Craig Wright that he was a fraudster, as well as the believer that he was the shadowy figure ‘Satoshi Nakamoto’ (whom he also claimed to be).

This February in separate litigation, Wright was found to have lied and forged documents in support of his claim that he, Wright, was ‘Satoshi Nakamoto’ – the pseudonymous inventor behind the original Bitcoin. Wright has since vowed to appeal the ruling, if that’s even possible. His outlandish role in the saga is just one more thing.

Latest Crypto News: Saudi Arabia and Digital Currencies

Meanwhile, Saudi Arabia is a member of Project mBridge, a China-led central bank digital currency (CBDC) cross-border project aiming to cut the global oil trade’s reliance on the dollar. The Bank for International Settlements-led (BIS) project has reportedly reached the ‘minimum viable product’ stage. It’s a nice ICO moment in this week’s crypto news.

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Latest Crypto News: Central Bank Digital Currencies (CBDCs)

At present, 135 countries and currency unions accounting for 98% of global GDP are in the early stages of exploring CBDCs.

Because CBDCs combine advanced technologies that the movement of commodities at the pre-Bretton-Woods stage did not, the rise of CBDCs frames the potential commodity settlement shift in a new light. They are worth considering in light of the latest crypto news.

Latest Crypto News: FTX Litigation

FTX has just filed legal briefs to halt outside litigation against its employees and its venture capital backers and sponsors over the collapse of the exchange.

The lawsuits, and the class action complaints filed by the FTX customers harmed by the bankruptcy, could jeopardize efforts at FTX to recover some $16 billion to repay its customers – another case in a long line of legal action in crypto that shows we are only at the beginning of the legal reckoning of the industry.

Latest Crypto News: Ripple’s Lobbying Efforts

Ripple – the largest crypto firm in the US – has expressed its hope that the largest fundraising cycle in US election history will tip the balance in its favor. Ripple is a major donor to a super PAC (political action committee) devoted to supporting ‘pro-crypto candidates’. One thing that stands out in recent crypto news is industry political giving aimed at influencing regulators in favorable ways.

Latest Crypto News: Crypto Industry Scrutiny

With regulators and lawmakers increasingly placing crypto in their crosshairs, following the bankruptcies of a number of major firms in 2022 that illuminated endemic fraud and led to many investors losing significant sums of money, a number of major firms (including Ripple) being sued for alleged breaches of securities law make for headlines in the cryptoverse.

Latest Crypto News: Future Outlook

It’s a turbulent place: Binance and FTX have had to fight legal battles in the US, while Ripple was sued by the Securities Exchange Commission (SEC) for presumably selling ‘unregistered securities’. Even Binance, the world’s largest crypto-exchange, had to move to the crypto-friendly island of Bermuda after the UK levied an onerous tax on its operations in the region. These issues and more make following crypto news critical if you want to know what’s really happening in crypto. The latest crypto news will help you avoid getting caught up in the hype – or putting money into the wrong ventures.

Introduction to the Latest Crypto News

In this dynamic industry, there’s always something going on in the crypto space. That’s why it’s important to follow the latest crypto news about trading, blockchain, and all the updates surrounding platforms like Binance, Bovada, or Bitcoin EVO trading. Just recently, there’s been a £10 billion lawsuit brought against Binance and other exchanges for anti-competitive measures resulting in the selling out of Bitcoin Satoshi Vision (BSV).

Latest Crypto News: The Binance Lawsuit

One of the most important pieces of crypto news relates to a lawsuit against one of the major exchange houses in the industry: Binance, the largest crypto exchange by volume, is being sued in the Competition Appeal Tribunal in London by a class action on behalf of more than 200,000 owners of BSV. Do these plaintiffs have a case? At stake is no small sum: the class action against Binance, along with premium cryptocurrency exchange houses Kraken and Gemini, alleges around £233 million in damages, to a total claim value of up to £9 billion – for delisting BSV in 2019 and allegedly ‘wrecking’ the currency of the self-branded ‘Prince of Crypto’. Binance, of course, denies the charges.

Latest Crypto News: Binance’s Defense Strategy

In response to the lawsuit, the principal defendant Binance has requested the CAT to strike the claim on the loss-of-value aspect, referring only to BSV’s ‘potential to become one of the top [cryptocurrencies]’. Binance’s attorney, Brian Kennelly, asserted that plaintiffs’ decision to keep BSV on Binance.US after the delisting was ‘entirely voluntary … a unique investment opportunity’, and that third-party plaintiffs ‘had the ability and right’ to use their money ‘to purchase many cryptocurrencies available on Binance.US or elsewhere’. This defensive strategy may be one of the most significant details to understand in the latest crypto news. The CAT’s opinion will set a critical legal precedent.

Latest Crypto News: Court Proceedings and Legal Arguments

BSV Claims’ lawyers continue to argue that the question of face value should go to trial – along with the rest of the case. Many believe that the behavior of the exchanges in this matter deserves a full adjudication from a judge. Binance has so far declined to comment on the litigation. Steve Knight, a communications manager for the exchanges Kraken, told me that the lawsuit was ‘baseless’. I had written to all nine exchanges to better understand the thinking behind their freezing of Bitcoin private users’ funds. Only Kraken’s director of communications, Jennifer Duffy-Dunn, responded to my request. The legal posturing and arguments are among the latest developments in crypto news and could create precedents for future crypto court cases.

Latest Crypto News: Craig Wright’s Controversial Role

The decision to delist BSV came in response, in part, to claims by the Australian computer scientist Craig Wright – who has associated himself with BSV – that he is ‘Satoshi Nakamoto’, the pseudonymous inventor of Bitcoin.

Wright’s culpability for lying and forging documents to support this claim was found this year in separate litigation. He has said he intends to appeal that ruling.

The highly questionable figure of Wright only adds to the intrigue of the latest crypto news headlines.

Latest Crypto News: Saudi Arabia’s Digital Currency Initiative

On another important front, Saudi Arabia signed up to take part in Project mBridge, a China-led cross-border trial of central bank digital currency (CBDC) involving small transactions. The goal is to reduce global oil trade dependency on US dollars.

The project, run with the support of the Bank for International Settlements (BIS), has reached the so-called ‘minimum viable product’ phase. The participation of the largest G20 economy is the most notable recent news about cryptocurrencies: the world might be entering a new financial equilibrium.

Latest Crypto News: The Rise of Central Bank Digital Currencies (CBDCs)

CBDCs are a hot topic now, with 135 countries and currency unions (98% of world GDP) reported to be experimenting with them. The newest technologies make commodity settlement trails most difficult – hence the political sensitivity – and most spectacularly so when the flow is across borders.

Thus, a major chapter of today’s crypto news concerns the march of FTX.

Latest Crypto News: The FTX Legal Battle

In the wake of FTX’s spectacular collapse, it has asked a U.S. judge to stop outside litigation against its insiders, as well as the venture capital firms it says fuelled the exchange’s growth and built reputations based on it.

The lawsuits, including several class action complaints from FTX customers, undermine FTX’s efforts to claw back up to $16 billion in customer money and return it to the exchange’s creditors.

It’s not the first, or even the last big Crypto story to highlight some of the industry’s mounting complexities and challenges.

Stay updated with the latest crypto news as we delve into the ongoing £10 billion lawsuit against Binance and other exchanges.
Stay updated with the latest crypto news as we delve into the ongoing £10 billion lawsuit against Binance and other exchanges.

Latest Crypto News: Ripple’s Political Influence

Ripple, the US’s largest crypto firm, is hiring political professionals in the hopes of tipping the US elections in favor of its interests through a multi-million dollar fundraising program. Ripple is a primary donor to a super PAC that supports crypto-friendly political candidates. In the politics category of crypto network news, the drumbeat of political activity in the industry is becoming harder to miss.

Latest Crypto News: Scrutiny from Regulators

Securities regulators and political figures have grown less inclined to look the other way as the public demands it, especially given the 2022 bankruptcies of major firms and the widespread fraud they revealed, leaving millions of investors holding the bag.

Leading firms such as Ripple are even being sued for environmental law violations among a host of securities law violations.

These developments form the core of today’s crypto news – as well as its daily failures. They represent the regulatory indecision and inaction that is quietly killing the project.

Latest Crypto News: The Future of Crypto

The issues that Binance, FTX, and Ripple awaiting a settlement of charges, reflect the highly volatile and dynamic nature of the crypto market. The latest crypto news is crucial for investors, crypto traders, and other stakeholders in the crypto market, so they can maneuver their way through this complex market more efficiently.

Conclusion

The unfolding lawsuit against Binance and other crypto exchanges, and further regulatory shakeups in the digital currency space, are signs of how rapidly things are changing for the crypto world.

With that in mind, those interested in preparing for crypto’s future – or simply staying current with the happenings in the crypto world – would benefit from regularly reading news focused on crypto.

The piece offers an accessible and current insight into the state and direction of the crypto world.

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