The popular crypto exchange OKCoin has made a somewhat controversial decision to delist two Bitcoin forks – Bitcoin Cash (BCH) and Bitcoin SV (BSV). According to the platform’s CEO, the company is doing what’s in the best interest of Bitcoin’s ecosystem while trying to act against Craig Wright’s recent lawsuit urging various websites to remove the BTC whitepaper.
OKCoin Delists BSV and BTC
The exchange announced earlier today that it will suspend trading and altogether remove the two Bitcoin hard forks as of March 1st, 2021. Later on, Hong Fang, the CEO of OKCoin, published a detailed post to shed some light on the decision.
She reasoned that the exchange is frequently exploring which coins it should keep and which it should remove as part of its developing system. However, the BCH and BSV removals come with more “unique history and context.”
The post reads that BTC, as the first-ever cryptocurrency, gave birth to the entire industry. While hard forks are a relatively common occurrence within the ecosystem, Bitcoin Cash and Bitcoin SV carry a special note.
Both emerged several years ago as their respective proponents preferred different scaling paths, and each claimed that they are the “true Bitcoin.” However, Fang believes that crypto investors and the market have made it clear on “what Bitcoin was built for” as BTC’s market cap has reached $1 trillion, while BCH and BSV are valued at 1.5% and 0.5% of the original version.
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Fang further explained that the market cap is not a sufficient enough reason on its own to delist two cryptocurrency assets. However, the executive breached a recent lawsuit filed by Craig Wright’s lawyers urging several websites to remove the Bitcoin whitepaper.
Wright has claimed on numerous occasions, without conclusive evidence, though, that he is indeed Satoshi Nakamoto – the anonymous Bitcoin creator. He’s also a “very significant and influential stakeholder” in BSV even if he “doesn’t control or own the entire BSV community,” as Fang explained it.
As such, OKCoin felt it had to act upon these developments and to support the original Bitcoin ecosystem by delisting two of the most well-known hard forks.
The post reads that the decision is an effort to “firmly stand up for the shared spirit of the open-source community, support the Bitcoin ecosystem, and protect new investors.”
While acknowledging that some BSV and BCH community members could create value as well, OKCoin asserted that it couldn’t ignore the “malicious information war waged by Craig Wright” and some of his followers.
“We view both factors as very destructive to Bitcoin – the cornerstone layer of our industry. Before we have a better way to both separate BSV from Wright’s attack on the open-source community, and to differentiate these two derivative protocols from the original Bitcoin on our platform, we feel more comfortable with removing them.”