It looks like bitcoin SV (BSV) and cryptocurrency exchange Binance – the largest and most popular cryptocurrency trading platform by daily volume – are at each other’s throats.
BSV Is Angry About Binance’s Decisions
The two companies are fighting with each other over Binance’s decision last year to delist the new cryptocurrency token made popular and consistently promoted by Australian tech entrepreneur Craig Wright. Jimmy Nguyen – the president of bitcoin SV (Bitcoin Satoshi Vision) – has said that Binance has not behaved fairly to the coin and that it has shown a biased attitude towards other assets.
Nguyen’s primary gripe is in the crypto exchange’s decision to not list the cryptocurrency yet take part in a new mining pool that seeks to extract new units of BSV. Binance is one of the biggest members of the pool yet is refusing to present bitcoin SV to clients for the purpose of buying, trading, and selling the currency.
In a statement, Nguyen blasted the crypto exchange’s decisions, claiming:
These actions speak far louder than words. Binance spoke in April of 2019 when it delisted BSV by saying that the coin did not meet its ‘standards.’ The truth is that BSV does meet Binance’s standards – for generating revenue from BSV when it so chooses.
Binance was not the only company to take heavy action against one of the crypto world’s latest coins. Others included Kraken and Shape Shift, two crypto exchanges that decided delisting BSV was in customers’ best interest. It appears these exchanges and others aren’t happy with Craig Wright’s decision to consistently tout himself as Satoshi Nakamoto, the pseudonymous creator of bitcoin – the world’ number one cryptocurrency by market cap – which first emerged in a 2008 whitepaper.
BSV has a relatively controversial history behind it. Many believe it was the development of BSV that saw to the massive drops in the crypto space that occurred in late 2018. Bitcoin, for example, had spent most of the summer trading in the mid-$6,000 range. This, itself, was a major drop from the near-$20,000 figure it had reached in December of 2017.
Bitcoin SV emerged due to a hard fork of bitcoin cash, which itself was the result of a bitcoin hard fork that occurred in the late summer months of 2017. BSV has been around for only two years, making it a relatively new coin. However, following its inception, the crypto market began experiencing massive drops, with bitcoin falling into the mid-$3,000 range and losing close to 70 percent of its value over an 11-month period.
Responsible for Market Drops?
Approximately five months went by before the industry began showing signs of recuperation (bitcoin ultimately moved back up to $5,000 by the time April 2019 rolled in).
At press time, Binance accounts for approximately 20 percent of the BSV mining pool’s hash rate.