BL3P, the largest cryptocurrency exchange in the Netherlands delists Bitcoin Cash (BCH) when the upgrade to 32MB maximum block size was made. (15th of May, 2018)
This can be counted as a major blow to the crypto-coin especially because the Netherlands is one of the most crypto-friendly countries in the whole world. Crypto trading in the country is not regulated by the Dutch authorities. During 2013 and 2014, the Dutch finance minister received some questions regarding the cryptocurrencies being used in the country. The finance minister replied that according to his research, Bitcoin cannot be counted as an electronic money by definition as per the boundaries defined by the Financial Supervision Act. The finance minister concluded that Bitcoin can be viewed as an item of barter.
Another significant event in June 2014 was when a civil case was in progression and involved the famous cryptocurrency. The court followed the finance minister’s suit and declared that although not a legal tender, Bitcoin could be viewed as an item of barter; this meant that Bitcoin could be used as a form of payment from then on. The country encourages cryptocurrencies so much that it even has a city (Arnhem) dubbed as “Bitcoin City” due to the fact that most of the businesses in that city accept Bitcoin as a means of payment.
But even the businesses in the most crypto-friendly country in the world will make unfriendly decisions against cryptocurrencies when the time asks for it. BL3P made an announcement on 10th of May that the crypto exchange has decided to remove BCH on 15th of May during the hard fork. Sure enough, as of May 15, BCH has been delisted from the largest cryptocurrency exchange of Netherlands.
BL3P told that the exchange was already planning to remove the altcoin so the day of the hard folk became the best candidate for executing the decision. When asked for a reason by the community, BL3P told that the cryptocurrency exchange platform has a very strict selection policy for altcoins and BCH was no longer able to meet the requirements of the largest cryptocurrency exchange of the Netherlands.
This is not the first major setback faced by Bitcoin Cash in 2019. Back in March, two major cryptocurrency exchange platforms, KuCoin and OKEx had also announced that they were going to delist Bitcoin Cash from the platforms. Belize-based OKEx followed through with their decision on 30th of March, 2018. As for the reason, OKEx told that it was closing all trading pairs in the BCH market due to “inadequate liquidity”. KuCoin, on the other hand, stated that the delisting of BCH from the platform was a part of some changes that were being made by the cryptocurrency exchange based on user feedback.
Bitcoin Cash has been facing some major blows in its growth in the year 2018. Will these incidents cause a major drop in the value of BCH and will it be able to get through these harsh times? Only time can tell.