Home News Alt Coins Kraken and Four Other Crypto Apps Also End Support for BSV

Kraken and Four Other Crypto Apps Also End Support for BSV

The list of companies ending BSV support is growing rapidly. After Binance and ShapeShift now 5 more companies have decided to end support for BSV, including Kraken.

April 17, 2019 10:44
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In my last article I had told you that Kraken is holding a Twitter poll to figure out the mood of its users with regards to the delisting of Bitcoin SV. I had also told you that a majority of its users are in the favor of delisting, and if company goes by that mood then a wave of delisting BSV may start after it. Now both those things have come true. Kraken has not only decided to delist BSV, but also a number of other crypto supporting apps and exchanges have started coming forward to do the same. Phew!

Kraken announced its delisting plans for BSV later yesterday. They said in their announcement:

“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. 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.

This aggression will not stand. Alongside other upstanding members of the community, and in consultation with more than 70,000 Kraken users, we have decided to delist Bitcoin SV. Deposits will be disabled April 22. Trading will cease on all trading pairs April 29. Withdrawals will continue until May 31.”

Interestingly, Kraken is delisting BSV the same day when Binance will be delisting it. But Kraken’s decision to do the same isn’t based on community advice alone. There’s more to it: Kraken itself has also been sued by Craig Wright and his coterie. One of the lawsuits filed is a personal one against Jesse Powell, and another one against his company. Speaking about it Jesse Powell told Coindesk:

“They are suing us, our investors, well-respected and prominent figures in the community, and the community got to the point it’s fed up with it. It’s completely antithetical to what this community is about.”

Powell told that even if his company’s poll would have led to indecisive (i.e. 50-50) results, BSV would still have been delisted from Kraken because in that condition the decision would completely have been over the company. Only a favorable result from the poll could have kept BSV listed on Kraken, which was very difficult to come. An overwhelming 71% of Kraken users who took the poll asked for delisting of BSV. 7% voted against it, and 21% said that they don’t care.

Other companies also follow suit

As I had told you, after Kraken a number of other companies are also going to delist BSV. Crypto app Blockchain, SatoWallet, Bittylicious and Phantasma Chain – all have announced to bring BSV support to an end. And according to Jesse Powell, more exchanges may also follow suit. He said:

“The more players delist them, the easier it becomes to do it.”

The chain reaction, as we know it, has already started.

Dangerous Precedent: BSV Team

BSV team, on the other hand, thinks that the development is setting a dangerous precedent. Ed Pownall, a PR Specialist for BSV and Craig Wright Supporter Calvin Ayre, recently published a newsletter for Toronto-based investment firm Frnt.io on these developments. In that article he said:

“We believe that crypto and certain actors specifically are setting a dangerous precedent in the delisting of BSV. Given the impact that trading venues can have on the visibility and price of a coin, such a subjective delisting sets a precedent which has the potential to increase the space’s vulnerability to manipulation. If a coin can be delisted due to some[one] not approving of a community/person’s legal activities, what’s to say that a similar narrative cannot be created in the future simply to support a malicious actor’s monetary interest.”

Let’s see how much more dangerous it gets from here! 😉

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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