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).
— Binance (@binance) April 15, 2019
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 delisted BSV.
ShapeShift is delisting BSV.
Kraken is considering delisting BSV.
Who is next?
— Pomp 🌪 (@APompliano) April 15, 2019
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.
Master piece! You have my full support, Peter.
To be clear, I don't choose sides on technology. We let market do that. I am against fraud, such as lying to be someone. As such, it is my strong opinion that:
Craig Wright is fraud. https://t.co/f9ihSD6Pr3
— CZ Binance (@cz_binance) April 15, 2019
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.
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.