Binance Delisting Four Coins for User Protection, Bytecoin (BCN) and Iconomi (ICN) Included
Launching just last year, Binance has quickly grown into the world’s largest cryptocurrency exchange. As it holds a top position in the industry, one would expect Binance to uphold transparency and consumer interest in high regard. Fortunately for investors, we’ve learned that it does.
Violation of Criteria
On October 9th, Binance posted an update stating that it will delist Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRG) from its offerings, though withdrawals will be supported until 2018/11/12 10:00 AM (UTC.)
To make sense of this decision, Binance begins the blog post as such:
“In order to protect our users, the Binance team conducts comprehensive and periodic reviews of each digital asset listed on our platform to ensure projects maintain a high standard of quality. In the event a coin or token falls below this quality standard, it will be subject to further review and potentially delisted.”
The exchange then details its decision-making process, stating the following reasons for potential delistings:
- Team commitment to the project
- Frequency and quality of project development
- Smart contract and system stability
- Level of communication with the public
- Responsiveness to Binance’s periodic check-ins
- Evidence of misconduct
- Contribution to the overall cryptocurrency ecosystem
While we don’t know the exact reasons for the above delistings, we can rest assured that each of the four has violated one or more of the above criteria.
According to NewsBTC, the four coins already received massive price hits due to the delisting. BCN dropped 17.25%, ICN 6.96%, TRIG 36%, and CHAT 22.24%. Additionally, it is likely that other exchanges may follow suit, further reducing the price of the assets.
Binance ends the post by reassuring and thanking investors for their continued support:
“Going forward, we remain committed to protecting our users and all Binance stakeholders and will continue to perform periodic reviews of all listed coins and tokens. We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.”
More Crypto News
When Bitcoin launched in 2009, it became the world’s first cryptocurrency. By utilizing miners that…
Google is once again displaying its distaste towards the cryptocurrency space by removing three wallets…
Ransomware is a malicious form of software that makes a device unusable until the victim…