Robinhood introduced that it’ll now not help Bitcoin SV from January 25, sending the crypto sinking some 10%.
Robinhood emailed a statement to all its customers stating it has determined to finish help for Bitcoin SV (BSV). The buying and selling platform mentioned it made the choice following a periodic evaluation of the cryptocurrencies the platform presents.
Robinhood advisable its clients promote or, if doable, switch their BSV by the cutoff date of January 25. After the deadline, the buying and selling platform mentioned it will promote any remaining BSV at market worth and credit score clients’ accounts.
BSV took a major dip following the announcement from Robinhood round 1 pm CET. The crypto dropped from simply above $44 to a low of $37.75 in three hours. Though up a bit since, BSV remains to be buying and selling beneath $40 and is down 11% previously 24 hours.
SBF’s Robinhood shares
In the meantime, a good portion of buying and selling platform is caught up within the tribulations of former FTX chief Sam Bankman-Fried. Final 12 months, he purchased 56 million Robinhood shares, a 7.6% stake within the firm, for $648 million.
Despite his earlier dedication to creating his former clients complete, Bankman-Fried insisted on retaining his Robinhood shares to pay his authorized charges. Nevertheless, the US Division of Justice lately confirmed that it had seized his 55 million shares.
BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion in regards to the current developments, however it has but to listen to again.