Crypto Exchange OKCoin Delists Bitcoin Forks, BCH & BSV to Prevent New Retail Investors from Being Deceived
The exchange is open to revisiting this decision if both the communities “listen to the broader market and choose to rebrand away from Bitcoin in pursuit of their own path.”
Cryptocurrency exchange OKCoin has announced the suspension of Bitcoin forks, Bitcoin Cash (BCH), and Bitcoin SV (BSV) starting March 1, at 7:00 pm PST.
In the past 24 hours, the exchange recorded just under $70 million volumes per Coinmarketcap, out of which BCH/USD and BSV/USD accounted for 0.38% and 0.26% of it, respectively.
Besides these assets, other pairs are also getting delisted, including ETC/USD, EURS/EUR, BTC/EURS, BCH/EUR, and BSV/USD, along with spot and margin trading for BCH/USD.
Users are advised to cancel open orders for these pairs, or the system itself will cancel them within two working days. Those who borrowed from the BCH/USD margin pair are also required to return the borrowed value before March 1st.
Exchange CEO Hong Fang specifically shared the reason behind the decision to delist the Bitcoin forks, which she said “was not an easy” one.
This is because, while on the one hand, the exchange believes that “we should let our customers make their own decision” regarding investing in certain crypto assets, on the other hand, they “feel very disturbed by the copyright claim and threat of legal actions” that Craig Wright, the infamous self-proclaimed creator of Bitcoin and BSV supporter, is waging against the open-source community.
Wright’s claims challenge the ethos of open-source, decentralized, and community-driven consensus, which is the foundation of Bitcoin, she said.
By allowing BSV trading on the platform, of which Wright is a significant and influential stakeholder, the exchange runs the risk of implicitly supporting an attack on the open-source community.
Moreover, with a new wave of investors entering the crypto market amidst the bull market, the misuse of Bitcoin’s brand to promote themselves as the ‘true Bitcoin’ “can be very misleading to new retail investors.”
Fang said they would be happy to revisit their decision to delist these two cryptos if both the communities “listen to the broader market and choose to rebrand away from Bitcoin in pursuit of their own path.”