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UK Court of Appeal upholds CAT certification in BSV cryptocurrency delisting collective action; confirms market mitigation duty, rejects loss‑of‑chance, and limits damages to post‑knowledge losses

Published on: 21 May 2025

Published by a LexisNexis Competition expert
Legal News
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Article summary

Private actions Court of Appeal dismisses appeal against CAT’s judgment on certification of collective damages action against cryptocurrency exchanges

The Court of Appeal has delivered its judgments in BSV Claims Ltd v Bittylicious Ltd & Ors, determining an appeal pursued by BSV Claims Limited, the class representative (CR), against the CAT’s judgment dated 26 July 2024. The appeal concerned the CR’s application to certify a collective damages action against multiple cryptocurrency exchanges, which the Court of Appeal ultimately dismissed.

Background

In July 2022, the CR submitted an application to the CAT for a collective proceedings order (CPO) pursuant to section 47B of the Competition Act 1998, seeking approval for a proposed opt-out collective action to be brought against Bittylicious Limited, Payward Limited and Payward Inc (Kraken), ShapeShift Global Limited, ShapeShift AG, and Binance Europe Services Limited (Binance) (together, the defendants). The proceedings are brought on behalf of UK-based holders of the cryptocurrency known as Bitcoin Satoshi Vision (BSV)...

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