This week, the Competition Appeal Tribunal is hearing the application for an opt-out collective proceeding under the Consumer Act 2015. Lord David Currie of Marylebone, through BSV Claims Limited, is bringing the claim on behalf of UK holders of the cryptocurrency Bitcoin Satoshi Vision (BSV).

The case concerns allegations that the actions of various cryptocurrency exchanges in de-listing BSV, were coordinated contrary to UK and European competition law.

Oxera produced the expert report accompanying the original application. Our report highlighted that the damages that were suffered by the 240,000 consumers holding BSV at the time of the de-listings, could have amounted to millions of pounds.

Oxera Partner Helen Ralston-Smith said “Cryptocurrencies are becoming increasingly popular amongst retail investors. Research by the Financial Conduct Authority estimates that the number of people in the UK who own cryptoassets has increased from 2.3 million in August 2021, to 5.0 million in August 2022. This highlights how important it is that those who trade in this industry get the same protection from anticompetitive business practices that is available in other sectors of the economy.”