Binance Will Delist Bitcoin SV (BCHSV) on April 22
It seems that Binance CEO wasn’t joking when he threatened to delist Bitcoin SV from the exchange. Exchange’s users will not be able to trade all the pairs for Bitcoin SV (BCHSV) starting from April 22nd, 2019 at 10:00 am (UTC).
The official 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,” the company wrote in a blog post. “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.”
Why!? May cry out crypto community. While the reasons are obvious (especially for those familiar with the recent buzz around Craig Wright and his law suit letters), Binance camouflages its decision by presenting a number of factors they review to decide whether any coin is worth listing on this leading exchange, or not.
This being said, Bitcoin SV failed to prove its:
- 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
Zhao commented that this “is going too far,” and that CSW’s claims of being Satoshi has been going on for a while. The Binance CEO also pointed to BSV’s emergence in November 2018 as the reason why Bitcoin price declined below the $6,000 mark. Furthermore, Zhao added that if served a legal notice by Ayre and team saying that “it won’t be the first time” and that the cost will not be of concern to him as the legal team at Binance “can deal with it”.
Following the relentless requests of the Binance users and the BSV camp not backing down from their claims, Binance has decided it’s the last straw and has withdrawn their support for the Bitcoin Cash hardfork.
The truth is, the delisting of BSV could be a severe blow to the camp and its prospects of becoming the one-true virtual currency that “follows the original Satoshi Nakamoto whitepaper”. At a time when its big-brother Bitcoin Cash has seen massive growth and even jumped two spots above, BSV is looking to decline.
As this news broke, BSV collapsed. As of the time of writing this, the asset is down 7.3% on the day, falling to $65,28 apiece, in a green market. Interestingly, Binance wasn’t BSV’s largest market, but it is widely agreed that this delisting is a large blow to the project’s reputation.
Meanwhile, Anthony Pompliano, co-founder and partner at Morgan Creek Digital, a digital asset management firm, suggested that:
“every exchange should delist BSV simultaneously on May 1st in a sign of solidarity behind the only Bitcoin that ever mattered.”
The Bitcoin SV saga has seen a new entrant thrown into the mix, with the controversy pivoted to rise. John McAfee, the crypto-proponent and US Presidential candidate, has hit back against Calvin Ayre, reigniting their rivalry.
On Binance, Bitcoin SV trades against four stablecoins and Bitcoin. BSV/USDT is the largest market with the USD 3.8 million trading volume in the past 24 hours (0.50% of the total trading volume on the exchange, it’s the 33rd largest market on Binance.)
Also, compared to other exchanges, Bitcoin SV is now trading less on Binance, dropping from second place by transaction volume with 8.28% on Friday, to 6th place with 6.03% earlier on Monday. BitForex, HitBTC and IDCM were the top 3 Bitcoin SV exchanges (almost 40% of the total BSV trading volume) out of 71.
In the past, Binance delisted multiple coins without communicating with their teams prior to public announcements.