Connect with us

Bitcoin Cash

Breaking: SBI Virtual Currencies delists Bitcoin Cash [BCH] in response to Binance’s Bitcoin SV delisting

Avatar

Published

on

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bitcoin pushes the resistance as it's silver counterpart wait for support
Source: Pixabay

SBI Virtual Currencies, a licensed cryptocurrency exchange based in Japan, has delisted Bitcoin Cash [BCH] in a knee-jerk response to the recent delisting of Bitcoin SV [BSV] by Binance. Speculators suggest the Japanese exchange’s close ties to the BSV camp as the reason behind BCH being booted out.

As confirmed by an SBI press release, translated from Japanese, dated April 16, the exchange stated that the “schedule for the abolition” of Bitcoin Cash is proposed for the end of the month. However, the date of withdrawal for the same is “planned” for June.

The Japanese exchange cited three main reasons behind the elimination of the fourth largest cryptocurrency by market cap. Firstly, they mentioned the dwindling market cap of Bitcoin Cash, which, in the exchange’s opinion makes them susceptible to a “51 percent attack”. With reference to the same, SBI stated:

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

SBI highlights the effect on the exchange if Bitcoin Cash hard forks in the future. Back in November 2018, the coin forked into BCHABC and BCHSV resulting in a massive freefall in the global coin market which shaved over $100 billion of the collective market capitalization in less than a month.

According to the exchange, Bitcoin Cash holders can sell their coins by the end of April and by the close of May, the coins will be sent to a CooXWallet which will serve as a “customer-managed designated hardware wallet.”

Currently, BCH transactions via SBI have been “suspended,” however, custody sale transactions will continue. Later in the month, the remaining details with regard to abolition of sale, conversion rate and payment date will be disseminated.

Despite SBI citing market cap, vulnerability to a 51 percent attack and volatility of Bitcoin Cash as the main reasons for it to drop the coin, many on Twitter suggest a more personal reason. Koji Higashi, a Japanese cryptocurrency influencer and co-founder of IndieSquare Inc., suggested that the BCH delisting is due to the exchange’s close ties with nChain, the main spearhead behind BSV.



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

“The big block drama continues… In apparent reaction to @cz_binance

delisting $BSV, $BCH is getting delisted in Japan by SBI, a company which is known to have close ties to #Faketoshi”

SBI’s delisting has not yet hit the coin markets, with CoinMarketCap showing Bitcoin Cash [BCH] as being the sole coin trading in the green among the top-20. At press time, BCH has soared by 6.31 percent against the dollar, while its little brother, Bitcoin SV has seen a massive 21.26 percent decline following Binance and Shapeshift’s delisting of the coin, and Kraken hinting at the same.





Subscribe to AMBCrypto’s Newsletter


Altcoins

SEC delays VanEck Bitcoin ETF decision, Ripple CEO on crypto’s future and more

Febin Jose

Published

on

SEC delays VanEck Bitcoin ETF decision, Ripple CEO on crypto's future and more

Daily Crypto News – May 21

1) TD Ameritrade invests in Eris-X: According to an official announcement, the organization revealed that they had made an investment in ErisX, a company which is planning to offer both cryptocurrency spot contracts and future contracts in a single exchange.

Read more at https://bit.ly/2w7Udiu

2) Tron DApps achieve new feat: Compared to Ethereum [ETH] and EOS, Tron registered a higher number of new users and active users. It noted 60k new users, while Ethereum reported 25K and EOS reported 9k. The active users on Tron’s DApps platform were 172k, followed by EOS with 170k and ETH with 54k.

Read more at https://bit.ly/2M0a4dN

3) Tron Weekly Report: The report said that the foundation had tested the block broadcast optimization solution, and the optimization solution for energy deduction in transaction failure. However, the Foundation was still working on the on-chain rate of transactions, which were broadcasted by GPRC.

Read more at https://bit.ly/2HDahhu

4) Bitrefill launches giftwards on Amazon China: This year saw the highest number of collaborations aimed at crypto-enablement. In yet another addition to the growing list of such collaborations, Amazon China has partnered with a Lightning network service provider, Bitrefill.

Read more at https://bit.ly/2WftMWQ

5) Bug bounty hunters receive huge reward: According to latest reports, ethical hackers ‘earned’ almost $32,000 in seven weeks by fixing bugs on Tron, Brave, EOS, Coinbase, and more, via bug bounty programs. Between March 28 and May 16, almost 15 blockchain ventures paid rewards to security researchers for finding vulnerabilities.

Read more at https://bit.ly/2M1SjL0

6) Circle’s Jeremy Allaire on SEC: In a recent blog post, the CEO stated that digital assets were a “fundamental new class of financial instruments”, one which could not be clubbed with categories such as securities, commodities, and currencies.

Read more at https://bit.ly/30uGrV7



7) Binance’s CZ global crypto-adoption: While speaking at the 10th Asian Leadership Conference 2019 in South Korea, Binance CEO Changpeng Zhao aka CZ, commented, “If you don’t want to be left out in the future, you will have to embrace it.” CZ added that cryptocurrencies “could not be ignored” and added that the ones who are doing so would end up making themselves “poorer”.

Read more at https://bit.ly/2LWYxvH





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending