Coinbase, a leading cryptocurrency exchange, has announced that it will be delisting Bitcoin SV (BSV) by January 9. The company has sent out an email warning to its users, advising them to liquidate their BSV holdings.
Coinbase finally saying goodbye to BSV 👋 pic.twitter.com/o1FxAqgy6J
— Alex Gladstein 🌋 ⚡ (@gladstein) November 6, 2023
The decision to delist BSV has led to a 1.74% drop in its value. Coinbase has asked its users to sell off their Bitcoin SV holdings, warning them to withdraw or risk getting their assets liquidated. This move is seen as a significant development in the cryptocurrency market, given Coinbase’s influence and the size of its user base.
Bitcoin SV, a fork of Bitcoin, has had a controversial history and has been delisted from several other exchanges in the past. The reasons for its delisting from Coinbase have not been explicitly stated, but it’s speculated that it could be due to regulatory concerns or the coin’s association with controversial figures.
Coinbase said in an email to users that it will stop supporting Bitcoin SV (BSV) on January 9, 2024. Users need to withdraw funds before this date, according to @gladstein. Coinbase will automatically convert the balance into the equivalent value of other supported digital assets…
— Wu Blockchain (@WuBlockchain) November 7, 2023
Users Could Only Hold Bitcoin SV on the Platform
In 2021, Coinbase made the decision to remove BSV from its platform following a “51% attack” on the coin’s underlying blockchain, which led to instability in the network. As a result, Coinbase users have been unable to trade BSV, although they are still able to store the cryptocurrency in their wallets on the platform.
In 2022, Wright took legal action against cryptocurrency exchanges Kraken and Coinbase. He accused these exchanges of “misrepresentation” for referring to BTC as Bitcoin Core.
Users who fail to withdraw their BSV from Coinbase by the deadline will have their assets liquidated, with the proceeds credited to their accounts. This has led to increased activity and speculation in the BSV market as users scramble to sell off their holdings.
In conclusion, Coinbase’s decision to delist Bitcoin SV serves as a reminder of the volatile and unpredictable nature of the cryptocurrency market. Users are advised to stay informed and take necessary actions to safeguard their investments.