Binance Delists Bitcoin SV, BSV Plunges Within Minutes
According to a press release from the major cryptocurrency exchange Binance, it has officially announced that it will delist Binance SV (BSV) starting next week. The official announcement came from the firm today, April 15. The removal follows the actions of Craig Wright in the past few weeks in which the BSV creator has sent libel lawsuit warnings to digital currency proponents denouncing Wright as a fraud and not Satoshi Nakamoto.
Binance has stated that as of April 22, it will delist and cease trading on all trading pairs for BSV on the exchange under the ticker BCHSV. The exchange explained that the move is part of its periodic reviews of the digital asset it chooses to list and whether they meet the certain standards set by them. Binance justified this by stating:
“to ensure that it [an asset] continues to meet the high level of standard we expect.” The firm went on to explain that it only delists a coin after another in-depth review, noting “[w]e believe this best protects all of our users.”
Among the factors that Binance takes into account before delisting a cryptocurrency they listed responsiveness to its due diligence requests, level and quality of the coin’s development and ‘’evidence of unethical/ fraudulent conduct.’’ Binance further stated:
‘’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.’’
The exchange didn’t specify which of these factors had been breached in the case of Bitcoin SV. But in a tweet on Friday, Binance CEO Changpeng Zhao said the following:
Binance users were assured that they will still be able to view their assets after the delisting of Bitcoin SV. The announcement also disclosed that withdrawals will continue to be supported after Bitcoin SV is delisted. The Binance press release was accompanied by a Tweet from the exchange’s founder, Changpeng Zhao. In it, he seems to hint to other exchange executives to follow suit:
Following the news of delisting, the price of Bitcoin SV has plunged in a move that is not in sync with the wider crypto market. While many digital assets have posted between 1-2% gains over the last 24-hours, BSV has plunged 21.22% at press time dropping from $71 to $57.12 a coin, shedding almost $100 million from its market in the last hour alone. Market cap has also seen a tumble, with the coin dropping under $1 billion, down to a bottom of $966.67 million allowing Monero [XMR] and Dash [DASH] to rise up.
Bitcoin SV’s supporters include founder and owner of CoinGeek.com, Calvin Ayre. He provided the following comment regarding the delisting:
”This decision will certainly be reported to the Maltese regulators as this is surely a case of people in trusted positions abusing that trust and playing God with which token gets the most volume and market access. In essence, market manipulation.
The decision to delist Bitcoin SV seems to be based on the fact that they don’t like one scientist that works on the platform. Craig doesn’t own BSV, not does anybody, so this appears to be very unprofessional. An exchange should just want volume of trading not picking which horses it wants to win the race and, as a result, smells of fear and manipulation.”