Coinbase Drops Support for Bitcoin SV (BSV)
American cryptocurrency exchange Coinbase has announced that it will no longer support Bitcoin SV (BSV). This means that BSV will be removed from the trading platform, and users will no longer have access to their BSV holdings. They will also not be able to deposit or withdraw BSV from their wallets.
If users had BSV on Coinbase and did not move the token after receiving a warning, their assets would have been liquidated and converted to another supported coin on Coinbase. The value of the new crypto will be credited to their account, minus transaction costs.
Delisting Trend in the Crypto Industry
Delisting non-performing tokens has become a trend in the crypto industry. Coinbase’s decision to delist BSV follows similar actions taken by other exchanges in the past. In 2021, Coinbase delisted BSV after multiple protocol attacks and controversies involving Craig Wright, one of the self-proclaimed inventors of Bitcoin.
This trend can be seen with Ripple’s XRP as well. Regulatory hurdles led to exchanges like Coinbase and Binance delisting XRP after the United States Securities and Exchange Commission (SEC) brought an enforcement action against Ripple for offering XRP as an unregistered security.
Impact of BSV Delisting
The delisting of BSV may push Coinbase users to other platforms where the coin is still supported, potentially impacting Coinbase’s user base. Surprisingly, despite the delisting news, BSV’s price has actually increased by 2.7% at the time of writing. This shows that the news has not negatively affected its community.
Hot Take: Coinbase Ends Support for Bitcoin SV (BSV)
American cryptocurrency exchange Coinbase has made the decision to drop support for Bitcoin SV (BSV). This means that BSV will no longer be available on Coinbase’s trading platform, and users will not be able to access, deposit, or withdraw the coin. Coinbase had previously warned users to move their BSV holdings or face liquidation, and now those assets have been converted to another supported crypto on the platform. Delisting non-performing tokens has become a trend in the crypto industry, with exchanges like Coinbase taking action against controversial or problematic coins. The impact of BSV’s delisting on Coinbase’s user base remains to be seen.
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