American cryptocurrency exchange Coinbase will no longer handle Bitcoin SV (BSV), according to a new post on X by the company.
According to Coinbase, it has stopped supporting BSV and will no longer have the coin available on its trading platform as of right now.
Customers of Coinbase are effectively prohibited from accessing their BSV holdings, adding additional coins to their wallets, or withdrawing existing ones.
The assets of anyone who had previously owned BSV on Coinbase and chose not to relocate the token after being warned by the cryptocurrency exchange would have been liquidated and converted to the market value of a different coin that Coinbase supports.
The user will receive a credit to their account for the exact value of the new cryptocurrency, less any transaction fees.
Notably, it had already been announced that on January 9, 24, the business partnership between Coinbase and BSV would end. The cryptocurrency exchange warned users back in November to remove their BSV or risk having it liquidated and transferred to another digital asset.
Many Coinbase users who own BSV were worried about potential additional taxes that might be incurred after the conversion.
As early as 2021, Coinbase removed the BSV token from its listing due to Craig Wright, one of the purported Bitcoin inventors, losing ownership of the BTC copyright. Since there had been several attacks on the token’s protocol at the time, Coinbase wasn’t the only exchange to take a position against it.
At the time, a prominent provider of digital asset services Binance similarly delisted Bitcoin SV.
Also Read: Coinbase Rolls Out Red Carpet for High Rollers with Zero-Fee Offer
