Crypto-friendly investment app Robinhood today announced its plans to withdraw support for Bitcoin Satoshi Version (BSV).
Robinhood delists Bitcoin SV
According to a blog post, the delisting was in accordance with the regular review of the cryptocurrencies the platform offers. Nonetheless, Robinhood maintained that this action would not affect any other assets.
The investment app also affirmed that removing support for BSV should not affect users’ decision to sell the coin from their wallets. Bitcoin SV will no longer be a tradeable asset on the platform starting January 25. Before the deadline, users who do not want to sell their bags must transfer them to a wallet supporting the crypto asset.
However, there are restrictions to this action in some states. Hawaii and Nevada users cannot purchase the coin. Customers who live in New York cannot also transfer their assets.
What Happens to BSV on Robinhood After the Deadline?
The announcement stated that any BSV that remains in users’ accounts after the deadline would be sold for market value, with the proceeds being applied to their Robinhood purchasing power.
Robinhood also maintained that the delisting does not affect other cryptocurrencies and that customers can trade all the coins and tokens listed on the platform.
Due to numerous cyberattacks in the crypto sector, the update stated all customers’ coins are protected by industry-leading measures. The trading platform further stated that almost all crypto assets are kept mostly in cold storage and never lent out or used as collateral.
This is not the first time BSV has lost support on a major exchange. One of the first crypto exchanges to delist Bitcoin SV was Bitfinex. The trading platform removed support for the asset on December 20.
Meanwhile, Bitcoin SV reacted negatively to the Robinhood announcement. At the time of writing, the cryptocurrency was trading at $41, representing a 7% drop on the daily chart.
