Kraken Decides to Delist Bitcoin SV (BSV): ‘No Room for Bad Actors’

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As CryptoGlobe had predicted after delisting announcements by Binance and ShapeShift, on Tuesday (April 16), cryptocurrency exchange Kraken announced that it had decided to delist Bitcoin SV (BSV).

This is how the exchange announced the news on Twitter:

Over on its blog, Kraken started by providing a quick summary of the events over the past several months that led to this decision:

“Over the last few months, the team behind Bitcoin SV have engaged in behaviour completely antithetical to everything we at Kraken and the wider crypto community stands for. It started with fraudulent claims, escalating to threats and legal action, with the BSV team suing a number of people speaking out against them. The threats made last week to individual members of the community were the last straw.”

The exchange then pointed out that the decision to delist came after “consultation with more than 70,000 Kraken users.” What Kraken is referring to is the poll launched by its Twitter account on April 15:

By the time the poll closed (a day later), 70,545 votes had been cast, with 71% voting for the delisting.

So, here is what is going to happen next:

  • BSV deposits will be disabled on April 22.
  • Trading in all BSV trading pairs will stop on April 29.
  • BSV Withdrawals will be permitted only until the end of May.

Kraken ended its blog post by declaring that there was “no room for bad actors.”

But there is more to the delisting story. Kraken Co-Founder and CEO Jesse Powell told Coindesk that the only thing that could have saved Bitcoin SV from a delisting would have been a result showing the “vast majority” of the votes against this action. 

The decision by Binance to delist Bitcoin SV and the results of the Twitter poll carried out by Kraken gave Kraken sufficient justification for delisting BSV but as Powell admitted, there was already bad blood between his exchange and the Bitcoin SV camp:

“They are suing us, our investors, well-respected and prominent figures in the community, and the community got to the point it’s fed up with it. It’s completely antithetical to what this community is about.”

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