Leading digital asset exchange Binance has made good on earlier threats against Bitcoin SV’s most prolific proponents.
According to a press release from the trading venue, the controversial crypto no longer meets the standards set by Binance and it will delist the asset later this month.
The beef stems from the threats made by Craig S. Wright in regards to whether or not he is indeed the creator of the most successful digital asset to date.
The Australian computer scientist has been reportedly sending out letters of legal action to individuals and news organisations who have said his claims to be Satoshi Nakamoto are fraudulent.
Binance Says Goodbye to Bitcoin SV
The news broke earlier today via a press release from Binance, simply titled “Binance Will Delist BCHSV”.
In the post, the exchange writes that the move is part of its periodic reviews of the digital assets it chooses to list and whether they meet certain standards set by the firm. Binance justifies this by stating:
The post goes on to list some of the factors it considers.
These include developer’s commitment and level of activity on a project, how stable the network is, how transparent the lead development team are with the public, how well the project contributes to the wider crypto space, and finally, if there is evidence of unethical or fraudulent conduct surrounding the asset.
According to Binance, the Bitcoin fork championed by Craig S. Wright and online gambling entrepreneur Calvin Ayre has failed to meet its standards and thus it will cease trading on April 22, 2019.
Withdrawals will remain available until July 22 at 10:00 AM UTC.
The Binance press release was accompanied by a Tweet from the exchange’s founder, Changpeng Zhao.
In it, he seems to hint to other exchange executives to follow suit:
The price of the controversial fork-of-a-fork is now less than $65, down from over $70 just minutes ago.
The news sent the price of Bitcoin SV dropping as much as 7% as investors flee the asset for safer havens.
Binance being among the top exchanges in the crypto industry, could cause a domino effect of exchanges delisting the crypto, lending to increased fears in those that hold Bitcoin SV.
The resulting selloff has caused the price of Bitcoin SV to fall from around $70 to $65.
Bitcoin Cash is currently up over 300% from its 2018-2019 bear market low of $80.
The crypto camp led by Roger Ver nearly doubled in value in just one day, following Bitcoin’s rally to $5,000 at the start of April.
With Over 20 Altcoins Doubling in Value Bitcoin SV, on the other hand, appears to be primed to set new all-time lows, as the current selloff intensity increases dramatically following the negative press and controversy.
According to a press release from the trading venue, the controversial crypto no longer meets the standards set by Binance and it will delist the asset later this month.
The beef stems from the threats made by Craig S. Wright in regards to whether or not he is indeed the creator of the most successful digital asset to date.
The Australian computer scientist has been reportedly sending out letters of legal action to individuals and news organisations who have said his claims to be Satoshi Nakamoto are fraudulent.
Binance Says Goodbye to Bitcoin SV
The news broke earlier today via a press release from Binance, simply titled “Binance Will Delist BCHSV”.
In the post, the exchange writes that the move is part of its periodic reviews of the digital assets it chooses to list and whether they meet certain standards set by the firm. Binance justifies this by stating:
“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.”
The post goes on to list some of the factors it considers.
These include developer’s commitment and level of activity on a project, how stable the network is, how transparent the lead development team are with the public, how well the project contributes to the wider crypto space, and finally, if there is evidence of unethical or fraudulent conduct surrounding the asset.
According to Binance, the Bitcoin fork championed by Craig S. Wright and online gambling entrepreneur Calvin Ayre has failed to meet its standards and thus it will cease trading on April 22, 2019.
Withdrawals will remain available until July 22 at 10:00 AM UTC.
The Binance press release was accompanied by a Tweet from the exchange’s founder, Changpeng Zhao.
In it, he seems to hint to other exchange executives to follow suit:
He simply tweeted "Do the right thing"
Binance Rocks BCHSV Price
Following the news of the Binance delisting, the price of Bitcoin SV has plunged in a move that is completely out of sync with the wider crypto market. Whereas many digital assets have posted slight (one or two percent) gains over the last 24-hours, Bitcoin Cash Satoshi’s Vision has shed almost $100 million from its market in the last hour alone.The price of the controversial fork-of-a-fork is now less than $65, down from over $70 just minutes ago.
The news sent the price of Bitcoin SV dropping as much as 7% as investors flee the asset for safer havens.
Binance being among the top exchanges in the crypto industry, could cause a domino effect of exchanges delisting the crypto, lending to increased fears in those that hold Bitcoin SV.
The resulting selloff has caused the price of Bitcoin SV to fall from around $70 to $65.
BCH Price
While Bitcoin SV has dropped following the news, the price of Bitcoin Cash has spiked as much as 15%, as capital from Bitcoin SV investors cashing out flows back into Bitcoin Cash.Bitcoin Cash is currently up over 300% from its 2018-2019 bear market low of $80.
The crypto camp led by Roger Ver nearly doubled in value in just one day, following Bitcoin’s rally to $5,000 at the start of April.
With Over 20 Altcoins Doubling in Value Bitcoin SV, on the other hand, appears to be primed to set new all-time lows, as the current selloff intensity increases dramatically following the negative press and controversy.
