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Coincheck to sell its Bitcoin SV [BSV] holding and reimburse users with Japanese Yen




Coincheck will sell its Bitcoin SV [BSV] holding and reimburse users with Japanese Yen
Source: Unsplash

Earlier today, Coincheck, a digital asset exchange platform based in Japan, announced that they will be selling the BSV generated via the hard fork, which took place in November 2018, for fiat.

According to the recent announcement, users of the platform were made aware of this step a day after the hard fork, i.e., November 16, 2018. All eligible users who owned BSV in their accounts following the hard fork, will now have Japanese Yen in their trading accounts. The fiat so issued will be in accordance with the BCH held by the user.

The exchange stated that only users with BCH in their “Trading account” and “Lending virtual currency account” will not be granted with Japanese Yen. It also added that the fiat so sent to customers could be lower than the market price of the coin, and that there would be a withdrawal fee charged for JPY.

Further, the platform stated that they won’t be releasing information pertaining to the date and time of the sale, as it could affect the market price of the currency. The exchange also clarified that such action was being taken only for BSV, and not any other token.

PaidSockPuppet, a Redditor, said,

“So, they’re either selling the BSV on the market and then giving the customers fiat, which means the exchange is deciding when and how to sell their customer’s property, or they are buying up their customer’s BSV with no chance for the customers to choose. Either way, it sounds like a pretty shitty deal for the customers. They should get to choose.”

Mitsuki Yoshizawa, a Twitterati, said,

“I feel that there is no credibility of Coincheck anywhere to dispose of human property.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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1 Comment

1 Comment

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    Fan Xia

    March 19, 2019 at 9:56 PM

    Exchange has no place in the world of Bitcoin. In the future, crypto exchange will be smart contracts. Only fool would invest into Crypto exchange today. The middle man and control of our money is everything Bitcoin is against. The removal of intermediaries is inevitable. Old ways and corruptions find its way into Crypto. Only fools would still trust a third party over their money.

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