- Australia’s largest exchange, Independent Reserve will delist BSV after it issued threats to Bitcoin developers
- BSV holders on the exchange have been six months to exchange or withdraw their BSV funds
- Binance had previously delisted BSV after users complained about the crypto
- More exchanges may take this route as holders of the BSV token appear to be losing interest
Independent Reserve, the largest crypto exchange based in Australia has announced its plans to delist Bitcoin SV (BSV) for what it describes as a bullying threat issued to Bitcoin developers.
Bitcoin SV (BSV) to Be Delisted After Project Team Issues Threat
Independent Reserve announced on Wednesday, the exchange explained that due to the recent events involving the project team of Bitcoin SV (BSV) and the community feedback it received, Bitcoin Sv and all related trading pairs will be delisted from the platform.
In its announcement, the exchange noted that the threats issued by the team of Bitcoin SV contrast the ideals – openness and freedom – of Bitcoin and Independent Reserve. As such, the exchange will be delisted.
It further noted that current talks of legal action against the BSV team will be the final straw in stopping the bullying, threats, and consistent misinformation being issued by the project team of Bitcoin SV.
The Threats from Bitcoin SV
The announcement can be directly linked to the threats issued by high profile BSV proponent, and scientist Dr. Craig Wright. BSV has been claiming copyright ownership of the Bitcoin white paper. It has also sued the entities involved while hosting the bitcoin white paper online.
Earlier this month, Wright sent a letter of taking down from his lawyers to several entities working with the Bitcoin Core; the primary team responsible for the development of Bitcoin.
In December, Craig S. Wright replied to his critics in the crypto industry, saying they offer nothing but circular arguments and personal attacks against him. He referred to them as “cowards” who are dishonest and are simply lying to protect their “criminal empire.”
Prior to this case, Binance had delisted the BSV token in 2019 after users complained about the token’s poor performance.
On the Flipside
Timeline for BSV Withdrawal
In its announcement, Independent Reserve stated that the process of delisting BSV will take place on March 28. After then, all BSV trading pairs will be removed from the trading platform. Also on that day, Independent Reserve will cancel all open orders.
However, users and Holders of BSV will be given a six months grace period to withdraw their funds. Any user who will withdraw after the state period will pay additional processing fees.
Dwindling Trading Volume of BSV
Majority of the problems the BSV project has faced has come from the Australian scientists. In 2019, Wright claimed with no proof to back up his claims that he is Satoshi, the original Bitcoin developer(s).
Wright offered a bounty to anyone who could identify a user who accused him of lying. As a result, he received heavy backlash from leading figures in the crypto industry.
Holders of the BSV token seem to be gradually losing interest in the crypto. Consequently, the trading volume has decreased significantly on Independent Reserve as well as other exchanges.