Coinbase has finalized its actions to phase out Bitcoin SV from its list of supported digital assets.
Initially rumored in November 2023, the delisting became official when Coinbase announced it had stopped supporting Bitcoin SV (BSV).
In a post on
The exchange also notified clients that the involuntary conversion process may not result in compensation, especially if their BSV holdings were minimal, as transaction fees and market volatility could erode the value of the asset entirely.
Coinbase further warned that after the deprecation date, it would remove any remaining fractions of BSV and customers would not be able to withdraw them, essentially removing any trace of BSV from their wallets.
As reported According to crypto.news, Coinbase had prepared users for this change in November last year. The exchange sent customers a email advising them to transfer any BSV holdings to an external BSV-compatible wallet before the January 9 deadline.
It also warned users that after the deadline, they would no longer see BSV in their wallets, only the credited cryptocurrency reflecting the conversion, minus any associated fees.
Notably, the exchange had also warned users about the potential for tax obligations or other tax implications arising from the settlement process, emphasizing that they are solely responsible for understanding and acting on their individual tax situations.
Originated from a split in Bitcoin Cash (BCH) network in 2018, BSV's history is marred by controversies, including security concerns and market volatility.
Its presence has been fading, as evidenced by its removal from other exchanges, including Robin Hood. Furthermore, the recent riots involving 51% attack in 2022 further destabilized the BSV position.
The cryptocurrency is currently 85% below its all-time high. However, despite the delisting announcement, it has recorded a massive 102% increase in trading volume in the last 24 hours, accompanied by a modest 2.6% increase in its price over the same period.
