Independent Reserve, the largest cryptocurrency exchange in Australia, is delisting Bitcoin Satoshi Vision (BSV) tokens from its platform. The action is being taken as a response to complaints from BSV users and the crypto community.
The exchange reported that trading for Bitcoin SV is set to discontinue from 28 March at 2 PM AEDT, after which all open orders will automatically be rendered void. The Aussie firm is offering its traders a period of up to 6 months to take out their BSV tokens. Additionally, any request for withdrawal after six months will be charged extra to cater to processing fees.
BSV was formed to act as a fork of Bitcoin Cash in 2018 by Craig Wright, a computer scientist. Wright is a self-proclaimed creator of Bitcoin. BSV is an acronym for Bitcoin Satoshi Vision. BSV is one of the most prominent digital assets in the industry in terms of market cap.
According to BSV users, the coin’s cheaper transaction charges realize Bitcoin’s creator, Satoshi Nakamoto, vision of flagship cryptocurrency.
Other crypto exchanges that delisted BSV
Independent Reserve is not the only firm to delist the controversial altcoin; Binance delisted the altcoin in 2019. Binance, the largest digital asset exchange, delisted BSV tokens as a result of its low standards. Binance has a policy of reviewing its listed altcoins from time to time to ensure they conform to the expected high standards. The delisting of an altcoin results from its inadequacy to meet the required standards or changes in the crypto industry. This aims at protecting all the crypto traders from obsolete altcoins.
Binance decided to delist BSV because of an exchange between Twitter users and Craig Wright, who was accused of impersonating Satoshi Nakamoto. The scandalous events started with false claims that lead to threats. BSV team consequently filed a lawsuit against the people condemning Wright fraud. A few days after these events, Changpeng Zhao cautioned to withdraw BSV from its exchange.
Other crypto exchanges followed suit and delisted Bitcoin SV. Kraken in San Francisco is one of the firms that followed in delisting BSV after consulting more than 70000 users.