U.S. Markets open in 6 hrs 18 mins
  • S&P Futures

    -11.75 (-0.27%)
  • Dow Futures

    -108.00 (-0.31%)
  • Nasdaq Futures

    -23.75 (-0.16%)
  • Russell 2000 Futures

    -13.00 (-0.59%)
  • Crude Oil

    -0.09 (-0.13%)
  • Gold

    -4.80 (-0.27%)
  • Silver

    -0.08 (-0.33%)

    -0.0024 (-0.2003%)
  • 10-Yr Bond

    0.0000 (0.00%)
  • Vix

    +0.38 (+2.21%)

    -0.0021 (-0.1546%)

    -0.2550 (-0.2310%)

    -1,656.73 (-4.28%)
  • CMC Crypto 200

    -37.58 (-4.10%)
  • FTSE 100

    0.00 (0.00%)
  • Nikkei 225

    +136.93 (+0.49%)

Kraken Exchange Joins Binance, ShapeShift in Delisting Bitcoin SV

Another major crypto exchange is delisting bitcoin SV (BSV) amid an ongoing feud between that cryptocurrency’s creator Craig Wright and outspoken members of the bitcoin community.

San Francisco-based Kraken announced Tuesday that it will no longer support BSV, citing both community sentiment and ongoing litigation filed against the exchange by the coin’s advocates.

Kraken will disable BSV deposits on April 22, trading will cease on all trading pairs April 29 and, finally, withdrawals will stop May 31.

Craig Wright’s Fight With a Cartoon Bitcoin Astronaut Cat Explained

The move follows announcements Monday by two other prominent exchanges, Binance and ShapeShift, that they were delisting BSV in response to Wright’s behavior. Binance’s CEO, Changpeng Zhao (CZ), tweeted that Wright is “poisoning” the bitcoin community with his threats to sue people who called him a fraud because he has claimed to be bitcoin’s pseudonymous creator, Satoshi Nakamoto.

But Kraken was already negatively disposed toward BSV long before the kerfuffle started.

In December, during the contentious hard fork of bitcoin cash when it got split into bitcoin cash ABC and bitcoin cash “Satoshi Vision,” Florida-based mining firm United Investment Corp. filed a federal lawsuit against a group of defendants for supporting the ABC version, including Kraken and its CEO Jesse Powell. Kraken enabled BSV trading in November.

“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,” Powell told CoinDesk. “It’s completely antithetical to what this community is about.”

Community sentiment

Why Coinbase’s Move Into Proof-of-Stake Matters

On Monday, Kraken launched a poll on its Twitter account, asking people to vote for or against delisting BSV. At the moment of writing, the poll shows that around 70,545 users voted, 71 percent supporting delisting, seven percent opposing and 21 percent not caring.

“We at Kraken have our own strong opinions, and it’s like a bubble, so putting out a poll was the opportunity to get other people’s opinions,” Powell explained.

If the vast majority of the votes had been in favor of keeping BSV at Kraken, it wouldn’t have been delisted, but if the results were indecisive, say 50/50, the coin would still have been delisted, Powell said.

In the past Kraken has delisted other tokens, including Namecoin and Iconomi — the former because of its low volume and the need to support a technically onerous upgrade at some point, the latter because the protocol was changed by its creators.

The feud

The delisting wave started after Wright threatened to sue a pseudonymous Twitter user nicknamed Hodlonaut, known for starting the bitcoin Lightning Torch, and crypto investor and podcaster Peter McCormack, unless they publicly recognized Wright as bitcoin’s pseudonymous creator Nakamoto.

“It looks they keep to use the law system to abuse it, suing anyone who says anything against them,” Powell said about BSV advocates.

Aside from ShapeShift and Binance, the crypto apps Blockchain, SatoWallet, Phantasma Chain and Bittylicious announced Monday they, too, would stop supporting BSV.

Powell said more exchanges may follow suit. “The more players delist them, the easier it becomes to do it,” he said.

Image of Jesse Powell via CoinDesk archives

Related Stories