Coinbase has finalized its decision to discontinue support for Bitcoin SV (BSV), officially removing the digital asset from its list of supported cryptocurrencies. Rumors of the delisting initially surfaced in November 2023, and it became official when Coinbase announced the deprecation of BSV support.
In an announcement on X, Coinbase informed users that any remaining BSV holdings had been forcefully liquidated and converted into another cryptocurrency available on the platform, albeit after deducting transaction costs. The exchange cautioned users that they might not receive compensation, especially if their BSV holdings were minimal, due to transaction fees and market volatility potentially eroding the asset’s value entirely.
Furthermore, Coinbase warned that after the deprecation date, any remaining fractions of BSV would be removed, rendering customers unable to withdraw them and effectively erasing any trace of BSV from their portfolios.
Coinbase had alerted users about this transition back in November, advising them to transfer any BSV holdings to an external BSV-compatible wallet before a January 9 deadline. Post-deadline, users would only see the credited cryptocurrency resulting from the conversion, minus associated fees, in their portfolios.
Additionally, Coinbase had cautioned users about potential tax liabilities arising from the liquidation process, emphasizing their sole responsibility for understanding and addressing any tax implications.
Bitcoin SV, originating from a split in the Bitcoin Cash (BCH) network in 2018, has faced controversy, including security issues and market volatility. Its presence has diminished over time, leading to its removal from other exchanges, including Robinhood. Despite its delisting, BSV has experienced a significant 102% surge in trading volume in the last 24 hours, accompanied by a modest 2.6% increase in price, although it remains 85% below its all-time high.