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SBI Virtual Currencies delists Bitcoin Cash BCHSV

Maya Mandzikasvili | Apr. 16, 2019
SBI Virtual Currencies delists Bitcoin Cash BCHSV

April 16, 2019, | AtoZ Markets - Japanese licensed cryptocurrency exchange SBI Virtual Currencies delists Bitcoin Cash BCHSV in response to Binance’s Bitcoin SV delisting.

BCHSV leaves SBI Virtual Currencies in June

Crypto community suggests that the Japanese exchange has excluded Bitcoin Cash in response to the recent Bitcoin SV exclusion by Binance.

The crypto enthusiasts believe that the main reason why the BCHSV was expelled is the close relationship of the Japanese exchange with the BSV camp.

In a recent press release dated April 16, SBI Virtual Currencies stated that BCHSV withdrawal from the exchange is "scheduled" for late June 2019, but “a detailed schedule for the abolition will be announced by the end of April.”

In the document, the Japan-based crypto exchange explained that BCHSV holders can sell their coins by the end of April, and by the end of May, the coins will be sent to CooXWallet, which will serve as a “customer-controlled hardware wallet”.

The company’s press release states that the BCHSV transactions through the SBI have been “suspended”, but, the sale of the deposit will continue.

SBI Virtual Currencies reports, that details regarding the cancellation of the sale, the conversion rate and the date of payment will be revealed later this month.

The Japan-based crypto exchange explains BCHSV delisting reasons

SBI press release says: “This material is not part of the rules for the management system of virtual currency-related information of Japan Virtual Currency Exchange Business Association.”

The company named in the document three reasons why they decided to exclude the fourth largest by market capitalization cryptocurrency from their list, including :

  1. significant decrease in the market capitalization of BCHSV
  2. as a result, a high possibility that a 51% attack will be carried out and the fraudulent transaction will be distributed to the record of the block generated next. The security of the blockchain was questioned as well. 
  3. it is impossible to completely deny the possibility that the price will fall sharply, with the further hard work taking place

The exchange also emphasizes that Bitcoin Cash forking which can happen in the future also might have an impact on the exchange. Back in November 2018, when the coin split into BCHABC and BCHSV, a significant drop in the global coin market occurred, which reduced the capital market capitalization by more than $ 100 billion in less than a month.

The crypto community reacts to the SBI decision

Despite the fact that SBI refers to market capitalization, vulnerability to a 51 percent attack and Bitcoin Cash volatility as the main reasons for which it delists BCHSV, the crypto community suggests that there might be a more personal cause behind this decision. Koji Higashi, a co-founder of IndieSquare Inc., suggested that SBI Virtual Currencies delists Bitcoin Cash due to the exchange's close ties with nChain, the main initiator of BSV and Craig Wright.

Ruben Somsen, the founder of Seoul Bitcoin echoed Higashi’s noted :

“The big block drama continues… In apparent reaction to @cz_binance delisting $BSV is getting delisted in Japan by SBI, a company which is known to have close ties to #Faketoshi”

The media reports, that BCHSV rose 6.31 percent against the dollar, while Bitcoin SV, experienced a significant drop of 21.26 percent after being delisted by Binance and Shapeshift, and Kraken hinted at the same.

What do you think? Please share your thoughts in the comments section below.


Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.