OKCoin plans to suspend Bitcoin Cash (BCH) and Bitcoin SV (BSV) trades

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on Feb 20, 2021
  • OKCoin says the decision to delist both tokens was taken to preserve the Bitcoin ecosystem.
  • Bitcoin Cash (BCH) and Bitcoin SV (BSV) were created from Bitcoin, and are the two largest Bitcoin forks.
  • OKCoin’s major decision about the two coins was taken after Wright enforced a copyright claim.

Crypto exchange OKCoin announced it will delist two forks of Bitcoin – Bitcoin SV (BSV) and Bitcoin Cash (BCH) from its network from March 1, 2021. That means users cannot buy Bitcoin Cash or Bitcoin SV on OKCoin’s platform from next month.

Chief executive officer of the exchange Hong Fang stated that the recent activities of Craig Wright and others who promote the two forked tokens forced the exchange’s actions.

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Bitcoin split into two major forks in 2017, creating BSV and BCH in the process. Although there have been several other Bitcoin splits, the two tokens are the largest of them.

Apart from that, the legal threats and lawsuits from self-titled Bitcoin SV creator Craig Wright were also considered before the decision.

OKCoin said it wants to protect the Bitcoin ecosystem and foster credibility within the system as well as its network.

OKCoin poised to protect its principles

Fang also stated that the exchange understands there is collateral damage regarding its decision. But it had to act based on the bigger principle it believes in.

Some loyalists to Bitcoin Cash prefer the coins for payment. That’s because it cuts down transaction fees to fractional amounts in cents and minimizes transaction times. After the fork from Bitcoin, it increased Bitcoin’s block size, making it easy to process more transactions in a single batch.

Both forked coins have small market caps, with Bitcoin SV having $4.3 billion while Bitcoin Cash having a $13 billion market cap.

OKCoin says its major decision about the two coins was taken after Wright enforced a copyright claim on Bitcoin’s white paper.

The exchange stated that it’s always looking at the options it has concerning the coins it will keep and those it should delist as part of its developing system.

Fang also reiterated that Wright has a massive influence on the BSV community as a stakeholder. Even though he doesn’t control the entire BSV community, it’s important to stop BSV trading to prevent further attacks on the open-source nature of Bitcoin.

Wright has claimed severally that he is Satoshi Nakamoto, the anonymous Bitcoin creator. However, he has received backlash for such claims since he doesn’t have any evidence or proof.

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