Coinbase liquidates and removes Bitcoin SV (BSV) from its platform, concluding support and converting user holdings to another unspecified digital asset. This move further emphasizes the evolving nature of crypto offerings and Coinbase’s strategic selection of assets based on internal criteria.
Converted to Other Assets
Coinbase has officially ended support for Bitcoin SV (BSV), signifying a departure from offering the controversial cryptocurrency on its platform. This move follows the platform’s deprecation announcement in November 2023, which warned users to withdraw their BSV holdings by January 9, 2024.
As part of the discontinuation process, Coinbase liquidated any remaining BSV in user accounts, converting them to an unspecified “supported digital asset” and crediting the converted value back to user accounts. It is important to note that this conversion incurred transaction costs, which were deducted from the credited amount.
The Controversies Surrounding BSV
This decision reflects Coinbase’s ongoing evaluation of assets it offers based on factors like utility, liquidity, and regulatory compliance. While the reasons behind BSV’s discontinuation remain undisclosed, potential factors could include its low trading volume, limited network activity, and ongoing legal disputes surrounding its development.
We have deprecated support for Bitcoin SV (BSV). We appreciate your patience and cooperation. https://t.co/35AhSAerJt
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) February 3, 2024
This closure underscores the dynamic nature of the cryptocurrency landscape, where platforms make strategic decisions regarding which assets to offer based on evolving market conditions and internal assessments. While some users might be disappointed by the BSV delisting, it highlights Coinbase’s commitment to offering a curated selection of digital assets aligned with its internal criteria.