Coinbase Global has finally announced that it is withdrawing support for Bitcoin SV after months of notification. Thus, the leading cryptocurrency exchange is now disabling users’ withdrawals and deposits. As a shocking development, although the token loses altitude, it continues to remain in the green zone.
BSV will no longer be on cryptocurrency exchange Coinbase!
cryptokoin.comAs you follow from, Coinbase had previously announced that it would discontinue support for BSV. Now it has announced that the cryptocurrency will no longer be available on the trading platform. In effect, Coinbase customers will no longer be able to access their BSV holdings. Additionally, the exchange will not allow them to withdraw or deposit any more cryptocurrencies in their wallets. For those who previously held BSV on Coinbase and did not move the token even after receiving a warning from the crypto exchange, assets will be liquidated. Or, it will be converted into the market equivalent of another token supported on Coinbase. The exchange will deposit the full value of the new cryptocurrency to the user’s account, minus transaction costs.
Coinbase announced that it would end its BSV business relationship. In November, the crypto exchange notified its users to withdraw or liquidate their BSV. Many Coinbase customers who held BSV were concerned about additional tax fees that could follow the conversion. Coinbase delisted the BSV token until 2021 after Craig Wright, who is considered one of the inventors of Bitcoin, lost his BTC copyright. At that time, the token was subject to numerous attacks on its protocol. Therefore, Coinbase was not the only exchange to take a position against the coin. Binance, the world’s largest cryptocurrency exchange, similarly delisted Bitcoin SV at the time.
BSV lost altitude after the news!
The decision to delist underperforming tokens is fast becoming a crypto industry trend, especially when such assets are plagued with certain challenges. Ripple-related coin XRP suffered a similar fate more than three years ago. In this case, it was due to regulatory hurdles against the coin. The US Securities and Exchange Commission (SEC) has filed an enforcement action against Ripple for offering XRP as an investment contract. In the regulator’s opinion, XRP is an unregistered security. Many exchanges, including Coinbase and Binance, decided to delist the token. This has had a ripple effect on the cryptocurrency’s market outlook.
It’s possible that delisting BSV will push Coinbase users to other platforms that support the cryptocurrency. Therefore, it also has the potential to negatively impact the user base. Meanwhile, the news did not seriously affect BSV. However, the token lost ground from the $77 levels it rose to during the day. At the time of writing, BSV was trading at $72.85, up 3% on a daily basis.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!