Binance and Kraken Delist Bitcoin SV: Why Now?

Binance and Kraken Delist Bitcoin SV: Why Now?


Two major cryptocurrency exchanges, Binance and Kraken, announced a decision to delist Bitcoin SV (BSV), or Satoshi Vision, which prompted digital coin to hit the 6-month low of $54.

On April 15, Binance announced it has decided to delist and cease trading on all trading pairs connected to Binance SV, after the coin failed “to meet the high level of standard we expect”. The decision will enter into force on April 22.

Two days later, the San Francisco-based exchange Kraken said it is delisting Bitcoin SV as well. Kraken ran a poll on Twitter, with more than 71% of voters, with more than 70,000 voters in total who took part in the poll, saying Kraken should be delisted. Hence, Kraken will disable the BSV deposits by April 22, while withdrawals can continue until May 31.

“Over the last few months, the team behind Bitcoin SV has engaged in behaviour completely antithetical to everything we at Kraken and the wider crypto community stand for. It started with fraudulent claims, escalating to threats and legal action, with the BSV team suing a number of people speaking out against them. The threats made last week to individual members of the community were the last straw,” it is said in the Kraken statement.

The statement relates to an argument which broke out on Twitter between Bitcoin SV creator Craig Wright and numerous crypto enthusiasts, who accused Wright of harassment and libel.

Exchange of accusations between Wright and a podcaster Peter McCormack prompted Binance CEO Changpeng Zhao to attack Wright for his recent behavior.

For several years now, Wright has claimed he is the person behind the pseudonym Satoshi Nakamoto, the founder of bitcoin, although the vast majority of crypto community disputes this claim.

Since April 15, Binance SV lost 28% of its value. Yesterday’s low of $54.00 is more than 30% lower than the coin’s 3-month high of $97.85. The current market capitalization of BSV is just below $1 billion, currently sitting in the 14th place of the biggest digital coins in the world by market cap.