Kraken becomes latest exchange to delist Bitcoin SV

Kraken becomes latest exchange to delist Bitcoin SV

Kraken has become the latest major digital currency exchange to delist Bitcoin SV (BSV), the controversial cryptocurrency that forked off Bitcoin Cash (BCH) in mid-November. The San Francisco-based company announced its decision on Tuesday, citing the aggressive behaviour of the BSV team towards members of the Bitcoin community as the reason for the delisting.

“Over the last few months, the team behind Bitcoin SV have engaged in behaviour completely antithetical to everything we at Kraken and the wider crypto community stands for,” Kraken wrote in a blog post. “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.”

Bitcoin SV (Satoshi’s Vision) is led by Craig Wright, an Australian computer scientist, who claims to be the enigmatic creator of Bitcoin, Satoshi Nakamoto. His claims have been disputed by many within the Bitcoin community, with some calling Wright a “fraud”. Earlier this month, Wright sent letters to some members of the community, threatening legal action.

Kraken conducted a poll among some 70,000 of its users, with the results showing an overwhelming support for the delisting. Seventy-one percent of the participants said that BSV should be delisted from the platform, while 7% voted against the delisting and 22% indicated that they didn’t care. The company plans to disable BSV deposits on April 22 and discontinue BSV trading a week later. Withdrawals will continue until May 31.

Earlier this week, Bitcoin SV was delisted from one of the largest crypto exchanges in the world, Binance. Shapeshift also announced that it was delisting the digital coin.

Following these announcement, the BSV price has tumbled by some 20%. In today’s trading, the coin’s price stood at $59.07, as of 11:25 BST.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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