Binance  released an official statement  informing users of the imminent removal of Bitcoin SV (BSV) from the exchange’s list of traded cryptocurrencies. The action follows Craig Wright and Calvin Ayre, the proponents behind BSV, issuing legal notices to those denouncing Wright as a fraud—and not Satoshi Nakamoto.

The Delisting Process

According to the statement from Binance , all trading pairs for Bitcoin SV will be removed from the exchange on 22nd Apr. 2019 at 10:00 AM UTC. It was clarified that all trading orders involving Bitcoin SV trading pairs will be automatically removed after trading in each trading pair is halted.

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Users were assured that they will still be able to view their assets after the delisting of Bitcoin SV.  Assets can be viewed so far as users deactivate the “hide small funds” feature on the “funds page.” The announcement also disclosed that withdrawals will continue to be supported after Bitcoin SV is delisted.

Bitcoin SV is down 16 percent, dropping from $71 to $59 a coin within the last 24-hours. Meanwhile, Bitcoin Cash is up 10 percent, increasing from $288 to $316 within the same timeframe.

BSV 7-day chart on Cryptowat.ch

Reasons for Delisting Bitcoin SV

According to the press release, the decision to delist Bitcoin SV stems from the project’s failure to meet the exchange’s high standards for listed digital assets. “Changes in the industry” was also cited as a potential reason for delisting.

Binance conducts periodic reviews to ensure that all listed digital assets continue to meet the exchange’s standards. The determining factors for delisting a coin or token were included in the statement from Binance. The factors were listed as:

  1. Commitment of team to project
  2. Level and quality of development activity
  3. Network / smart contract stability
  4. Level of public communication
  5. Responsiveness to our periodic due diligence requests
  6. Evidence of unethical/fraudulent conduct
  7. Contribution to a healthy and sustainable crypto ecosystem

Binance CEO Issued a Warning Prior to the Announcement

The announcement comes four days after Changpeng Zhao (CZ), the CEO of Binance, threatened to delist Bitcoin SV from the cryptocurrency exchange. He cautioned the Bitcoin SV team in the following tweet:

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This was in reaction to Craig Wright’s threats of legal action against critics such as Hodlonaut, the founder of Lightning Network Trust Chain; Vitalik Buterin, the founder of Ethereum, and Peter McCormack, a podcaster. Furthermore, In a widely condemned move, Craig Wright, a computer scientist and the leader of the Bitcoin SV team, posted a $5,000 bounty for anyone who reveals the true identity of Hodlonaut.

Following Peter McCormack’s light-hearted response to the threats, CZ put his support behind the podcaster and followed up his comments by adding that Wright is indeed a fraud.

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Calvin Ayre, the owner of CoinGeek and ally to Craig Wright, posted the following response to the delisting announcement:

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It seems that the legal battles are just beginning.

The post Binance delists Bitcoin SV following Craig Wright’s legal threats appeared first on CryptoSlate .