Binance Announces the Delisting of Bitcoin SV

Binance Announces the Delisting of Bitcoin SV

One of the largest digital assets exchange in the world, Binance, has issued a statement declaring the end of Bitcoin SV transactions on its platform. The shocking announcement was made directly on the exchange’s website and provides a week’s notice for investors to prepare for the delisting.

The statement reads:

“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all of our users.

When we conduct these reviews, we consider a variety of factors. Here are some that drive whether we decide to delist a digital asset:

Commitment of team to project
Level and quality of development activity
Network / smart contract stability
Level of public communication
Responsiveness to our periodic due diligence requests
Evidence of unethical / fraudulent conduct
Contribution to a healthy and sustainable crypto ecosystem
Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the following coin on 2019/04/22 at 10:00 AM UTC:

Bitcoin SV (BCHSV)”

This news is sure to be of concern to the coin’s investors, as the platform transacted the biggest volume of transactions for the currency. In the last 24 hours alone, Binance transacted more than $14.13 million. Predictably, the price of the coin has fallen and is currently trading at 12% below its value just 24 hours ago.

The Reason Behind the Decision

Community investors Craig Wright and Calvin Ayre are being blamed for Binance’s decision. The duo has been criticised several times for their approach to critics, often resulting in harassment or lawsuits. When they directed their attention and lawsuit threats to one Peter McCormack, a crypto blogger, Changpeng Zhao, Binance CEO, leaped to his defense and threatened to delist Bitcoin SV.

Wright and Ayre are known in the industry for being extremely demanding and uncooperative. In recent months, they have had several disagreements with developers of Bitcoin Cash and decided to focus on Bitcoin SV instead.

The Right Move?

Another major exchange, Kraken, has reached out to its users and asked for their opinion on whether it should follow suit and delist Bitcoin SV. Over 30,000 individuals voted on the online poll, and according to Zhao, Kraken will shortly delist the currency.

Some industry analysts have questioned whether Binance’s approach is a warning of the future of cryptocurrencies. Seen as independent and de-centralized, this decision and its resulting effects have shown that digital assets are considerably dependent on the major exchanges. This raises the possibility that a major exchange can pick and choose which currencies will succeed, and which will disappear.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News


ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021
CFD Trading Platform,eToro,Trading

eToro Lowers The FTD Minimum Across Several Countries

eToro, the social trading and multi-asset platform, has decided to lower the minimum first time deposit, or FTD. Until further updates, users who sign up today using the link below will be able to fund their trading account with as little as $50. This offer is only valid to users in selected countries. To participate […]

24 September, 2021

ChangeNOW Launches The NOW Tracker App

The young, but fast-growing online cryptocurrency exchange, ChangeNOW, has just announced the release of its latest product. The NOW Tracker is a free asset management app that lets users keep track of their coins and tokens across different wallets. Available on Google Play and the App Store, NOW Tracker is flexible and functional. This solution […]

9 September, 2021

eToro Becomes An Official Partner Of RB Leipzig

The world’s leading social investment network, eToro, has recently announced a new and exciting partnership. According to an announcement on eToro’s Twitter page, the company has become the latest partner of the German football team, RB Leipzig. A two-year partnership agreement has been signed between the parties. Running until 2023, this agreement can be extended […]

24 August, 2021

PSG’s Messi To Receive Part Of His Salary In Cryptocurrency

The Argentinian footballer, Lionel Messi, has made headline news several times in the past few weeks. Following his surprise departure from FC Barcelona, the player confirmed that he will be joining Paris Saint-Germain FC. The move was significantly newsworthy but got even more interest when it was announced that part of the footballer’s salary will […]

23 August, 2021

KingTiger Casino Announces Shut Down

KingTiger Casino has announced that it has ceased all operations until further notice. According to its website, the casino has had to “temporarily close” due to Ethereum network congestion. It is not yet clear if and when this online Bitcoin casino will reopen. Meanwhile, we invite you to check out other Bitcoin casinos from our […]

12 August, 2021

CryptoCasino Announces Temporary Close

CryptoCasino has stopped operating until further notice. According to a landing page on their website, the casino is undergoing an update. There is no information about when the casino will reopen or the reason why an update required the website to shut down temporarily. Players who hold a crypto wallet account with CryptoCasino need not […]

11 August, 2021

Binance Suspends SEPA Inward Payments Until Further Notice

Binance Suspends SEPA Inward Payments Until Further Notice Binance has just announced that it has temporarily stopped all incoming SEPA payments. As a result, users will no longer be able to deposit euros using the primary European payments network. The world’s largest cryptocurrency exchange did not provide any specific information regarding the reason behind this […]

12 July, 2021