The price of Bitcoin SV (BSV) experienced significant volatility throughout the year, reaching its annual peak on October 20. The most immediate catalyst for this notable surge was Binance's announcement earlier that day regarding the launch of BSV 1-50x USDT-margined perpetual contracts.
It is no secret that when a cryptocurrency gets listed on Binance, its price often sees a substantial increase. As the undeniable giant among trading platforms, Binance's support can dramatically boost visibility and trading volume. However, when "Binance" and "BSV" are mentioned together, the community's memory is instantly jogged by an event from four years ago: Binance's decision to delist BSV.
The Original Delisting: A Stand Against Fraud
Back then, Changpeng Zhao (CZ), the CEO of Binance, was a far less influential figure in the crypto community compared to the juggernaut he is today. Binance was only two years old, and its native token, BNB, had just broken into the global top ten by market capitalization. The exchange was not yet the industry titan it is now. Nevertheless, CZ was an active participant in community discussions.
When Craig Wright publicly claimed to be Satoshi Nakamoto, CZ took a firm public stand. He openly criticized Wright on Twitter and subsequently delisted BSV from Binance, calling the move a "contribution to the blockchain ecosystem."
This decisive action was widely perceived by the community as "taking a principled stand." It earned Binance significant goodwill and positive attention. Few could have predicted that, four years later, the same exchange would announce a 50x leveraged futures product for the very same asset.
The Craig Wright and BSV Saga: The True Satoshi?
To understand the context, we must go back to 2017. Developers supporting larger block sizes initiated a hard fork from Bitcoin, creating Bitcoin Cash (BCH) and increasing the block size to 8MB. This event formally split the Bitcoin community into two camps: those supporting smaller blocks continued to maintain the original Bitcoin blockchain, while proponents of larger blocks fostered the new Bitcoin Cash chain.
After the first fork, BTC and BCH developed independently. However, as often happens in crypto, a fork is rarely an isolated event. In November 2018, after a hash rate war, BCH underwent another hard fork, resulting in BCH ABC and BSV (Bitcoin SV).
A key figure behind BSV, Craig S. Wright, has consistently claimed in public forums to be Satoshi Nakamoto. These assertions intensified after the fork. During the 2018 Deconomy conference, Wright was invited to participate in a "Bitcoin, Controversy over Principle" panel. While giving a speech on the Lightning Network, he was bluntly called a fraud by Ethereum founder Vitalik Buterin.
The controversy over whether Craig Wright is actually Satoshi Nakamoto remains unresolved to this day, largely because he has never provided incontrovertible proof. Most community members view his claims as an elaborate publicity stunt, given the absence of any verifiable on-chain evidence to support them.
In an interview from four years ago, Craig Wright stated that he was unconcerned with public ridicule and质疑. He pointed to his 871 patents and 1500 published papers as evidence of his technical prowess, asserting he would continue to move forward. He also reiterated his view that Bitcoin is about privacy within a regulatory framework, not anonymity. Some technical interviews showcased his deep understanding of blockchain, leading some to label him "the person closest to Satoshi Nakamoto in terms of technical knowledge."
CZ and the "We Are All Hodlonaut" Movement
While Craig Wright was making his claims, the crypto community was engaged in the "Bitcoin Lightning Torch" experiment. This involved passing a transaction of 100,000 satoshis (the smallest unit of bitcoin) through the Lightning Network. Each recipient would add 10,000 satoshis and send it to the next participant, and so on. The experiment was a test of the network's growth and robustness.
The Lightning Torch attracted numerous prominent figures, including financial giant Fidelity Investments, LinkedIn co-founder Reid Hoffman, Lightning Labs engineer Joost Jager, and Twitter co-founder Jack Dorsey. Current "crypto influencers" like CZ and Justin Sun also participated.
Craig Wright's very public campaign to be recognized as Satoshi Nakamoto drew ire from many in this circle. They felt his actions were damaging the credibility of Bitcoin and the core spirit of cryptography.
The initiator of the Lightning Torch, a Twitter user known as Hodlonaut, was particularly vocal in his criticism and mockery of Wright (often referred to as CSW). This angered Wright, who, on April 12, 2019, threatened to sue Hodlonaut and publicly offered a bounty of 70 BSV (approx. $5,000 at the time) for his personal information.
Under pressure, Hodlonaut deleted his Twitter account. This act served as a catalyst, sparking outrage within the BTC community. Those opposed to CSW formed a spontaneous coalition. Many changed their Twitter names and profile pictures to match Hodlonaut's in a show of solidarity under the banner "We Are All Hodlonaut." A legal defense fund was also established to support him. CZ was among those who joined this movement.
Delisting BSV as an Ecological Contribution
This was the context in which CZ made his stand. His influence was still growing, but he adopted a强硬 stance. He publicly criticized Craig Wright on Twitter, warning that Binance would delist BSV if he continued his claims. This was CZ's direct response to Wright's threats against Hodlonaut.
"Craig Wright is not Satoshi. Anymore of this sh!t, we delist!" CZ declared. The tweet garnered massive attention, and his follow-through was described as a "threat executed."
As CEO of Binance, CZ's words inevitably impacted markets. He has often stated in interviews that he prefers not to interfere with market behavior. However, regarding this incident, he clarified, "I don't take sides on technology, but I am against fraud. Before signing, everyone is Satoshi, except Craig Wright."
True to his word, on April 15, Binance formally delisted BSV. Its announcement cited several factors considered when delisting a token, one of which was "contributions to the broader blockchain ecosystem."
The market's reaction was immediate: BSV's price plummeted by 12%, dropping its market cap ranking to 13th. Meanwhile, BCH saw a price increase. While other exchanges also delisted BSV around the same time, CZ's鲜明 and强硬 attitude undoubtedly boosted Binance's influence and reputation within the community. Interestingly, many within the BSV community themselves saw the delisting as a positive step, believing it pushed BSV further toward decentralization.
The Strategic Pivot: From Delisting to 50x Leverage
Four years ago, the driving force behind Binance's decision was a desire to speak out for the crypto community and uphold a firm principle of "Do the right thing."
Today, the introduction of a 50x leveraged futures contract for BSV caused its price to spike nearly 30% within just two hours. Some comments quipped that "BSV is the real Bitcoin, and CSW is undoubtedly the real Satoshi," though such statements are often made in jest or as讽刺. The narrative in the crypto world has shifted significantly, and CZ is no longer as vocal about taking public stands on such matters.
Why the Major Change in Strategy?
So, what catalyzed this considerable shift in Binance's approach from坚决 delisting to offering high-leverage trading?
Some observers point out that CZ's publicly stated views have not always perfectly aligned with his private actions. For instance, in 2018, venture capital firm Sequoia Capital sued CZ in a Hong Kong court, alleging he violated an exclusivity agreement during investment talks. CZ denied the allegations, and the legal battle lasted for years.
During this time, CZ tweeted that all projects applying to list on Binance would need to disclose any direct or indirect ties to Sequoia Capital. However, years later, as relations between Binance and Sequoia warmed, this requirement appears to have been quietly dropped.
In a past interview, CZ reflected on the dispute: "The lawsuit lasted for a few years, and we eventually won a complete victory. A few years after the lawsuit ended, at our invitation, this potential investment institution even became a limited partner in Binance Labs' second fund. I am happy to say that we still maintain a good relationship with them to this day. Most problems can be resolved."
This history suggests that Binance's public pronouncements may not always reflect its ultimate long-term strategy. Another perspective is that with the passage of time and changes in the real-world landscape, perspectives and positions naturally evolve. Ultimately, the delisting was a decision made four years ago, and the market is a very different place today.
The Right Thing at the Right Time
From a business standpoint, choosing the optimal time to list new trading products is a key marketing strategy for any exchange, including Binance. For example, after news broke that DWF Labs was market making for DODO, causing its price to surge over 50% in 24 hours, Binance swiftly listed 20x USDT-margined perpetual contracts for DODO.
For a significant portion of this year, the dominant narrative in crypto has been the Bitcoin ecosystem. During the peak of Ordinals mania, Binance timed the launch of its Ordinals NFT marketplace and inscription services. More recently, the focus has been overwhelmingly on the potential approval of a spot Bitcoin ETF.
On October 16, established crypto media outlet Cointelegraph published a sensationalized, all-caps headline on social media claiming a Bitcoin ETF had been approved by the SEC. The market initially reacted strongly, but suspicion grew as multiple sources quickly debunked the news as false. Asset manager BlackRock confirmed its spot Bitcoin ETF application was still under review by the SEC. Cointelegraph deleted the tweet and apologized.
Although the news was fake, the market's reaction was very real. Bitcoin, with a market cap of $550 billion, broke through multiple resistance levels to surpass $30,000, prompting many to proclaim the "return of the bull market."
This market environment and sentiment likely contributed to Binance's decision to reintroduce BSV trading with high leverage. As time passes and market conditions shift, CZ and Binance face new challenges and pressures, necessitating evolutions in strategy and stance. This adaptability is essential not just for thriving, but for surviving.
Reflecting on CZ's firm declaration to "Do the right thing" when he decided to delist BSV reveals a core principle. This phrase represented not just a single decision but the values and立场 of Binance itself.
In the context of four years ago,坚决 delisting BSV was, in CZ's view, the right thing to do. Now, in a changed landscape, reintroducing BSV with 50x leverage could similarly be seen as the right thing for the exchange's current trajectory and the demands of its users. The definition of "right" is often dictated by timing and circumstance.
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Frequently Asked Questions
What is Bitcoin SV (BSV)?
Bitcoin SV is a cryptocurrency that resulted from a hard fork of Bitcoin Cash (BCH) in November 2018. Its proponents, led by Craig Wright, support larger block sizes and claim it aligns more closely with Satoshi Nakamoto's original vision for Bitcoin.
Why did Binance delist BSV in 2019?
Binance delisted BSV in April 2019 following a public campaign by its CEO, CZ, against Craig Wright's claims of being Satoshi Nakamoto. CZ stated the decision was a stand against fraud and a contribution to the health of the blockchain ecosystem.
What are perpetual contracts?
Perpetual contracts are a type of derivatives product similar to futures contracts but with no expiration date. Traders can use them to speculate on the future price of an asset like BSV with leverage, which amplifies both potential gains and losses.
Why would Binance change its stance on BSV?
Market conditions, trading volume, and user demand evolve over time. A business decision made four years ago may be re-evaluated based on current realities. Exchanges often list assets that have sufficient interest and liquidity, regardless of past controversies.
Does relisting BSV mean Binance endorses Craig Wright's claims?
No, not necessarily. Listing a cryptocurrency for trading does not constitute an endorsement of its founders or their claims. Exchanges provide a marketplace for assets that their users want to trade, which is separate from validating any associated narratives.
Is trading with 50x leverage risky?
Yes, extremely. While high leverage can magnify profits, it also exponentially increases the risk of significant losses, potentially exceeding one's initial investment. Leveraged trading is suitable only for experienced traders who understand these risks and employ robust risk management strategies.