Cryptocurrency exchange CoinSecure today (Wednesday) attempted to dismiss much of a £10 billion ($12.8 billion) lawsuit in London over allegations that it conspired to “delist” Bitcoin's Satoshi Nakamoto Vision (BSV) cryptocurrency.

London Lawsuit Targets Coin and Kraken

The lawsuit was filed at the Competition Appeal Tribunal (CAT) in London on behalf of more than 200,000 BSV holders against other exchanges such as Coin and Kraken. The lawsuit, filed by BSV Claims, alleges that the exchange engaged in anti-competitive behavior when it took down BSV in 2019.

The plaintiffs contend that this action led to a significant drop in the value of BSV, hindering its potential to become a leading cryptocurrency, with claims in this regard estimated to be as high as £9 billion.

BSV Claims' legal team said the exchange does not object to the case being certified under the U.K.'s class action system, which is similar to the U.S. class action system. This certification would mark the first step in the litigation.

Exchanges face scrutiny

CoinSecure has asked the CAT to dismiss part of a lawsuit regarding the prospect of BSV becoming a mainstream cryptocurrency, which involves those who still hold BSV after it was delisted. Coin's lawyer, Brian Kennelly, argued that those holding BSV made a “voluntary decision” to sell and reinvest in a similar cryptocurrency.

Lawyers for BSV Claims argued in court documents that the issue should go to trial along with the rest of the case. Coin has not commented on the ongoing legal proceedings. Meanwhile, a spokesperson for Kraken called the lawsuit “baseless”.

In 2019, Coin, Kraken, and other exchanges took down BSV, a decision influenced in part by the claims of Craig Wright, an Australian computer scientist associated with BSV, who claims to be the anonymous inventor of BSV.