Following recent controversial actions by influential figures of the Bitcoin SV (BSV) community, Binance has officially announced the delisting of the Bitcoin Cash (BCH) spinoff.
During the past week, a controversy was sparked between Craig Wright, Calvin Ayre, and Twitter user Hodlonaut — a pseudonymous figure on Crypto Twitter who initiated the Lightning Network Torch event.
Wright, who claims that he is Satoshi Nakamoto, the original creator of Bitcoin (BTC), has seen his reputation in the cryptocurrency community irreparably damaged. In the flurry of events, Ayre and Wright have been directly attacking several Crypto Twitter personalities with lawsuits, which also includes Peter McCormack.
The controversy has gripped the entire cryptocurrency community, including Binance’s CEO Changpeng Zhao, who mentioned the potential risk of delisting Bitcoin SV (BCHSV).
Now, it seems that Binance has made the decision to delist the asset. In a blog post, the exchange revealed that it will be halting all trading pairs for Bitcoin SV by April 22. The latest date for customers to withdraw their Bitcoin SV coins is set for July 22.
— Binance (@binance) April 15, 2019
The blog post cited a list of factors that could lead to the delisting of an asset. Some of the reasons backing its decision include:
- Commitment of team to project
- Level of public communication
- Evidence of unethical/fraudulent conduct
- Contribution to a healthy and sustainable cryptocurrency ecosystem
As the news broke, BCHSV plummeted by 12 percent, reaching a low of $60. As Binance is one of the biggest exchanges in the industry, this will heavily impact BCHSV’s reputation and price in the near term.
The news has seen many in the cryptocurrency community cheer at the decision. Many have also lamented the negative influence of the altcoin and its backers on the greater cryptocurrency ecosystem.
What do you think of the decision to delist Bitcoin SV by Binance? Share your opinion in the comments below!
Image courtesy of Twitter, Shutterstock.