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Binance Criticized for BSV Mining Support Despite Exchange Delisting

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When another civil war broke out, this time between Bitcoin forks, there was a drive to disassociate with Bitcoin SV and its creator, the man who claims to be Satoshi Nakamoto, Craig Wright. One major company that made their stance known was Binance who delisted BSV from their exchange. 

This occurred back in April 2019 and since then there has been no move from Binance to welcome back Bitcoin SV even though it has settled into the ecosystem and currently ranks sixth in terms of market cap. However, in one way, Binance has been supporting the Bitcoin fork, and for the president of the Bitcoin Association, the entity behind Bitcoin Satoshi Vision, Jimmy Nguyen, this is quite ironic. 

It turns out that Binance’s mining pool, launched a year after BSV was delisted, is now the single biggest verifier on the BSV protocol. In a statement to CoinDesk, Nguyen said it was a “little too ironic” that Binance, which delisted BSV from its main exchange and has been critical of the cryptocurrency, still considers BSV economically worthwhile to mine.

Not worth supporting

By publicly delisting BSV, Binance was stating its disassociation with BSV, and its creator Wright. The company said at the time: “At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all of our users,” when delisting BSV.

“These actions speak far louder than the words: Binance spoke in April 2019 when it delisted BSV by saying the coin did not meet its supposed “standards”; the truth is BSV does meet Binance’s standards – for generating revenue from BSV when it chooses,” Nguyen added.

This all comes at a time where the new mining pool has become BSV’s biggest miner. On a 7-day moving average, Binance Pool made up just under 20% of the network’s total hashrate. 

Anti-Wright

It seems that a lot of the animosity towards BSV from Binance also stemmed from the CEO of the exchange and his opinion on the self-proclaimed Satoshi Nakamoto. Wright had publicly threatened to sue anyone who called him a fraud, and this is just what Changpeng Zhao did. 

https://twitter.com/cz_binance/status/1117606851351179264

Zhao further called on the BSV community to kick Wright out of its ecosystem: “Anyone who supports BSV from a tech perspective should be attacking the fraudulent Craig Wright, who is poisoning YOUR community, and not attack the rest of the world,” he added.

Darryn Pollock
Darryn has been interested in the blockchain and cryptocurrency space since he heard about Bitcoin in 2015. He then decided to use his journalism degree to report on this fascinating fintech space in 2016, and has not looked back since.

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