This Week in Crypto – Buyouts, Class Actions, and Delistings

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This week in the crypto world we saw $200 million crypto buyouts, $13 billion class actions, and delistings of classic coins.

We’ll never forget you.

Robinhood Splashes Out on Bitstamp

Robinhood this week splashed $200 million on exchange veteran Bitstamp as part of a bigger push into Europe. Bitstamp is one of the oldest exchanges in the crypto space, having been founded in 2011, and has been busy collecting the kind of regulatory licenses that appeal to larger companies looking for a quick, legal entry point into the market.

The deal will allow Robinhood to target institutional as well as retail customers without having to bother getting all the regulations themselves.

$13 Billion BSV Class Action Starts

The battle lines were drawn this week in the $13 billion class action lawsuit brought by BSV Claims against four cryptocurrency exchanges. BSV Claims filed the suit in 2022, arguing that 240,000+ BSV holders in the UK were harmed when Kraken, Binance, Shapeshift, and Bittylicious delisted BSV, and this week saw a three-day hearing where the merits of the case were discussed.

Lawyers for BSV Claims argue that holders missed out on huge gains due to the actions of the exchanges, which was how they came to the astonishing $13 billion figure. At the Competition Appeal Tribunal, the lawyers compared BSV to Bitcoin and Bitcoin Cash, claiming similarity because the former is a fork of the two latter coins, and made the calculation based on the rise in value of its two compatriots in the years since.

The three-judge panel will reveal its verdict in a few weeks’ time, where BSV Claims will learn if it is allowed to pursue its claim.

Binance Delists Crypto Dinosaurs

In a week where Binance’s delisting practices came under scrutiny it was at it again, booting four coins that 2017 veteran will remember well. OmiseGO (OMG), Waves (WAVES), and NEM (XEM) were all decided to have failed Binance’s strict(?) listing policy, which includes active development and trading volume.

Veterans will remember when all three coins pumped spectacularly in late 2017, putting on up to 4x in the space of a few weeks.