In a potentially rebellious move, major Japanese financial services company, SBI Holdings, announced it is delisting Bitcoin Cash (BCH) from its digital currency exchange. Let’s check this out.
SBI Delists Bitcoin Cash (BCH)
Yesterday, we covered the controversy surrounding the delisting of Bitcoin SV (BSV). Specifically, the world’s largest cryptocurrency exchange, Binance, announced yesterday that it will delist this crypto effective April 22nd.
The move comes as a retaliation against the actions of BSV creator Craig Wright (more on that to follow).
But today, tables are turning somewhat as major Japanese financial services company, SBI Holdings, is holding onto Bitcoin SV, but is delisting Bitcoin Cash (BCH). BCH’s departure from the exchange will happen in June, and the exchange will keep support for BSV.
So What is Going On?
As with all things cryptocurrency, there are complications. Bitcoin Cash is the first hard-fork of the leading and original cryptocurrency Bitcoin (BTC) and was created in August 2017. Bitcoin SV, then, is a hard fork of Bitcoin Cash and was created by Craig Wright—who controversially claims that he is the creator of the original Bitcoin.
Wright’s proclamation that he is the person behind the pseudonym Satoshi Nakamoto has disrupted the cryptosphere. So much so, that several major crypto trading platforms have followed in Binance’s footsteps and chosen to also delist BSV. A #DelistBSV hashtag has even begun trending throughout social media.
SBI Holdings to the Rescue
Now, SBI Holdings has come to BSV’s defense in a move that is bound to divide the cryptocurrency universe further. Reports from Cointelegraph suggest that the CEO of the financial giant, Yoshitaka Kitao, has a personal connection with Wright. A past Tweet of Wright’s stated that Kitao is “a friend and man I respect a lot.”
A Split Market?
With SBI ousting Bitcoin Cash, it’s hard to know where the market will go next. Will we start to see an exchange split across the globe? Team BSV vs team BCH?
Despite the news, Bitcoin Cash is climbing in value—up nearly 6% in the past 24-hours, trading at approximately $314 USD.
BSV has crashed this week on the back of the delisting controversy. While SBI’s move may help to rescue Wright’s pride, it hasn’t been able to rescue the coin’s value. BSV is currently down more than 21% on the day, trading for $55 USD according to CoinMarketCap.
What team are you on?