• Online trading app Robinhood announced that it will stop accepting Bitcoin SV (BSV) deposits on Wednesday and delist it starting January 25.
• Any Bitcoin SV in customers‘ accounts after January 25 will be automatically sold at market value and the proceeds will be given to the respective users.
• Robinhood said the decision was arrived at based on its regular review of the cryptocurrencies that it offers without giving a specific reason for dropping the cryptocurrency.
Online trading app Robinhood has announced that it will be delisting Bitcoin SV (BSV), a popular cryptocurrency, from its platform starting January 25. The move comes after the company said it will stop accepting deposits of the virtual token as part of its regular review of the cryptocurrencies it offers.
The company said in a statement on its website that any Bitcoin SV in customers‘ accounts after January 25 will be automatically sold at market value and the proceeds will be given to the respective users. The statement further read, “We have a rigorous framework in place to help us regularly review the crypto we offer on Robinhood. We are extremely selective about the assets we offer as we build toward our goal of making Robinhood Crypto the most trusted, lowest cost, and easiest to use on-ramp to crypto.”
This decision has been met with mixed reactions as some traders are concerned about the lack of specificity as to why the asset was delisted. Others, however, see it as a sign of Robinhood’s commitment to ensuring only the safest and most reliable cryptocurrencies are available on its platform.
The move by Robinhood comes at a time when the cryptocurrency space has been rocked by several scams, with some scammers using Bitcoin SV as a way to launder money. With this delisting, Robinhood is hoping to provide its customers with a safe and secure platform for trading cryptocurrencies.
It is yet to be seen whether other trading platforms will follow suit and delist Bitcoin SV, but it is clear that Robinhood is serious about its commitment to providing its customers with only the most reliable and secure virtual tokens. By delisting Bitcoin SV, the online trading app is sending a strong message that it is not willing to compromise on its standards of safety and security.