Binance delists Bitcoin SV following Craig Wright’s legal threats, BSV down 17% ๐จ This article is 6 years old...
Binance delists Bitcoin SV following Craig Wright’s legal threats, BSV down 17%
2 min read
Updated: Nov. 7, 2019 at 6:01 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binanceย released an official statementย informing users of the imminent removal of Bitcoin SV (BSV) from the exchangeโs list of traded cryptocurrencies. The action follows Craig Wright and Calvin Ayre, the proponents behind BSV, issuing legal notices to those denouncing Wright as a fraudโand not Satoshi Nakamoto.
The Delisting Process
According to the statement from Binance, all trading pairs for Bitcoin SV will be removed from the exchange on 22nd Apr. 2019 at 10:00 AM UTC. It was clarified that all trading orders involving Bitcoin SV trading pairs will be automatically removed after trading in each trading pair is halted.
Do the right thing. https://t.co/z7HGsAZnmR
— CZ Binance (@cz_binance) April 15, 2019
Users were assured that they will still be able to view their assets after the delisting of Bitcoin SV. ย Assets can be viewed so far as users deactivate the โhide small fundsโ feature on the “funds page.” The announcement also disclosed that withdrawals will continue to be supported after Bitcoin SV is delisted.
Bitcoin SV is down 16 percent, dropping from $71 to $59 a coin within the last 24-hours. Meanwhile, Bitcoin Cash is up 10 percent, increasing from $288 to $316 within the same timeframe.
Reasons for Delisting Bitcoin SV
According to the press release, the decision to delist Bitcoin SV stems from the project’s failure to meet the exchangeโs high standards for listed digital assets. โChanges in the industryโ was also cited as a potential reason for delisting.
Binance conducts periodic reviews to ensure that all listed digital assets continue to meet the exchange’s standards. The determining factors for delisting a coin or token were included in the statement from Binance. The factors were listed as:
- 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
Binance CEO Issued a Warning Prior to the Announcement
The announcement comes four days after Changpeng Zhao (CZ), the CEO of Binance, threatened to delist Bitcoin SV from the cryptocurrency exchange. He cautioned the Bitcoin SV team in the following tweet:
Craig Wright is not Satoshi.
Anymore of this sh!t, we delist! https://t.co/hrnt3fDACq
— CZ Binance (@cz_binance) April 12, 2019
This was in reaction to Craig Wrightโs threats of legal action against critics such as Hodlonaut, the founder of Lightning Network Trust Chain; Vitalik Buterin, the founder of Ethereum, and Peter McCormack, a podcaster. Furthermore, In a widely condemned move, Craig Wright, a computer scientist and the leader of the Bitcoin SV team, posted a $5,000 bounty for anyone who reveals the true identity of Hodlonaut.
Following Peter McCormackโs light-hearted response to the threats, CZ put his support behind the podcaster and followed up his comments by adding that Wright is indeed a fraud.
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
Calvin Ayre, the owner of CoinGeek and ally to Craig Wright, posted the following response to the delisting announcement:
Read the @FT article covering the situation around Dr.Craig Wright and @binance, and see what @CalvinAyre has to say about ithttps://t.co/I9E2koC8zk
— CoinGeek (@RealCoinGeek) April 15, 2019
It seems that the legal battles are just beginning.
Bitcoin SV Market Data
At the time of press 6:01 am UTC on Nov. 7, 2019, Bitcoin SV is ranked #8 by market cap and the price is up 3.19% over the past 24 hours. Bitcoin SV has a market capitalization of $3.61 billion with a 24-hour trading volume of $617 million. Learn more about Bitcoin SV ›
Crypto Market Summary
At the time of press 6:01 am UTC on Nov. 7, 2019, the total crypto market is valued at at $257.25 billion with a 24-hour volume of $65.77 billion. Bitcoin dominance is currently at 55.41%. Learn more about the crypto market ›
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In this article
Bitcoin SV
$67.0592
Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH).
Bitcoin Cash
$478.511
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Craig Steven Wright, commonly referred to as CSW, is an Australian computer scientist and business professional who has been at the center of controversy within the cryptocurrency community.
Hailing from the United Kingdom, Peter McCormack stands out as a preeminent figure in the cryptocurrency podcasting realm.
Calvin Ayre was born on May 25, 1961, and raised on a pig farm in Canada.