UK Supreme Court dismisses application for permission to appeal in BSV delisting damages case… reaffirms scope of exchange liability

On the 15th (local time), according to crypto-focused media CoinDesk, the Supreme Court of the United Kingdom dismissed the application for permission to appeal in the large-scale damages lawsuit brought by Bitcoin Satoshi Vision (BSV) investors. As a result, it is assessed that the threshold for recognising liability for alleged 'loss of future profits' that occurred after virtual asset exchanges delisted the asset has once again been raised.

According to the UK Supreme Court case page, the court dismissed the application for permission to appeal on December 8. The court explained that the application did not raise "an arguable point of law" or a "point of law of general public importance."

The case began when BSV holders claimed they suffered losses after BSV's value fell following delistings by multiple exchanges in 2019. The dispute centers on two main issues. First, whether BSV holders who say their value fell due to delisting are required to mitigate their losses by selling BSV and purchasing similar other virtual assets. Second, whether they can claim so-called 'loss of growth opportunity (lost chance)' damages, arguing that BSV lost the opportunity to grow into a 'top-tier virtual asset'.

With this decision by the UK Supreme Court, the lower courts' rulings on the related issues are maintained, making it difficult for the class-action plaintiffs to overturn them on appeal.