Bitcoin SV (BSV) Plummets 16% Following Binance Delisting Announcement


Last week, Hodlonaut, a Bitcoin (BTC) community member perhaps best-known for starting the¬†Lightning Network Trust Chain, was reportedly slapped with the threat of a libel suit from self-styled Satoshi Nakamoto Craig Wright, the creator of Bitcoin SV (BSV), after he asserted that Wright was a “fraud” on Twitter.

This sparked outrage amongst the cryptocurrency community, leading Binance CEO Changpeng “CZ” Zhao to threaten to delist BSV if Wright persisted with his legal assault on the community. Following that, many influencers, including Anthony Pompliano, led a call for Bitcoin SV to be delisted from all major cryptocurrency exchanges and other similar products.

Despite these warning signs, Wright sent a legal notice to Peter McCormack, leading Binance, the world’s largest crypto exchange, to come out on Monday with news that BSV will be delisted on April 22 at 10:00 AM (UTC).

While Binance has refused to call Bitcoin SV by its BSV ticket, sticking to the original forked symbol of BCHSV, the exchange was one of the first major platforms to allow investors to access and trade the controversial altcoin after the fork.

Binance cites the following as factors the exchange uses to decide whether 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 CZ’s tweet Sunday, which called Craig Wright an outright fraud, it’s fair to assume that the Binance team concluded that BSV failed to meet at least one of the aforementioned criteria.

BSV has plummeted in response to the news and is currently down more than 16% to $59.74, bringing its total market cap to $1.06 billion.

More: Binance Will Delist BCHSV
Referenced: Bitcoin Twitter Rises in Solidarity After Craig Wright Threatens Hodlonaut

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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