Velitor acts for BSV Claims Ltd in landmark cryptocurrency litigation

Velitor Law acting for BSV Claims, has filed a collective opt-out claim against various leading cryptocurrency exchanges. BSV Claims, led by Lord Currie of Marylebone as the lead class representative, seeks damages currently estimated at approximately £10 billion on behalf of an estimated class of more than 240,000 UK investors in Bitcoin Satoshi Vision (BSV).

This is the first time that the UK-based class action regime for competition law has been applied to the digital assets sector. It is among the most significant collective actions to be filed at the Competition Appeal Tribunal (CAT), marking the firm as a leader in this field.

BSV Claims alleges that various cryptocurrency exchanges colluded to de-list BSV, a well-known cryptocurrency, in 2019. BSV Claims argue this was anti-competitive conduct, which caused thousands of consumers to suffer losses. Velitor is acting for BSV Claims, who represents class members in the claim.

The claim will automatically include claims for compensation for conduct that caused harm to more than 240,000 consumers in the United Kingdom since April 2019, when the exchanges started to collectively de-list BSV simultaneously. 

Seamus Andrew, Velitor’s Managing Partner, said: “This claim seeks redress for hundreds of thousands of investors on the basis that they suffered financial loss due to anti-competitive conduct.

“We are very pleased to be acting for BSV Claims Ltd in this claim, which uses the opt-out regime introduced by the Consumer Rights Act 2015. This kind of claim is exactly the type of litigation the opt-out regime aims to support. We aim to show that these exchanges harmed BSV and seek compensation for the financial hurt caused to many small, individual investors – through no fault of their own.”

Andrew added: “This is cutting-edge litigation which shows Velitor’s standing as a leading boutique firm capable of managing large-scale litigation claims for consumers, where we represent our clients with determination and resilience.”

“Our claim also showcases London as a centre for international dispute resolution involving digital assets, a sector which both the judiciary and the UK government are keen to support.”

Lord Currie of Marylebone, the chief executive of BSV Claims Ltd, a former Competition & Markets Authority chair, said: “Much of my professional life has been concerned with consumer protection. Ensuring fair competition is an essential part of protecting consumers. Consumers investing in cryptocurrencies should not be adversely affected by anti-competitive practices.”

“We are sending a clear message that if cryptocurrency exchanges engage in collusive practices which harm ordinary investors, BSV Claims Ltd is prepared to take action, and I am delighted Velitor is enabling us to do so.”