Retaliation: SBI Virtual Currencies Delists Bitcoin Cash (BCH) Amidst BSV Exchange Removal Spree
While the list of cryptocurrency exchanges delisting Bitcoin SV (BSV) keeps on expanding with Binance, ShapeShift, and Kraken, SBI Virtual currency exchange, one of the licensed crypto exchanges of Japan have delisted Bitcoin Cash (BCH) out of nowhere.
In its official announcement, the exchange announced that the company has decided to “abolish the handling of Bitcoin Cash,” with the date to be announced by the end of April. Meanwhile, the planned date of withdrawal is stated in late June 2019, as per the rough translation of the document.
The reasons for the delisting given by the exchange are a significant decrease in the market capitalization of BCH as a result of which the second point states, there is a high possibility of a 51 percent attack on the blockchain. And the security of the blockchain was also questioned.
“It is impossible to completely deny the possibility that the price will fall sharply as additional hard forks are made,” states the document.
Japanese influencer and co-founder IndieSquare Inc., a blockchain company, Koji Higashi suggested this BCH delisting could be due to SBI VCTRADE’s close ties with nChain, which has been the main figure behind Bitcoin SV (BSV).
SBI Virtual Currency, one of licensed exchanges in Japan, decides to delist BCH（ABC）suddenly, blaming its price decline and a lack of security because of that. interesting move.
Many wonder if it's because of its close relationship with nchain and BSVhttps://t.co/1LOCxhF8yP
— Koji Higashi (@Coin_and_Peace) April 16, 2019
Defining the policy for the return of BCH, the exchange states, the cash conversion via the sale of BCH by customers will start at the end of April and by the end of MAy, BCH will be dispatched to the hardware wallet.
For now, BCH transactions are currently suspended at the company but the custody sale transactions only will be resumed.
At the time of writing, Bitcoin Cash has been trading at $315 and is not showing any signs of decline in price rather is the only cryptocurrency among the top cryptos that is in the green and up by more than 6 percent, as per the data provided by Coinmarketcap.
The 4th largest cryptocurrency by market cap of $5.6 billion has been up 87 percent in the month of April till now.