On Tuesday (9 October 2018), Binance, the world’s largest crypto exchange (by trading volume), announced that it plans to delist Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG).
Of these four cryptocurrencies, Bytecoin is the most important. Naturally, this news has hurt the price. At press time, Bytecoin is trading at 0.001856, down 15.82% in the past 24-hour period.
In its blog post, the Binance team explains that they conduct “comprehensive and periodic reviews of each digital asset” to make sure that “projects maintain a high standard of quality”, and that if “a coin or token falls below this quality standard,” it gets reviewed more closely, and becomes a potential candidate for delisting.
The team further explains that the following criteria are used to determine if a coin/token should get delisted:
- Commitment of team to project
- Quality and level of development activity
- Network / smart contract stability
- Level of public communication and activity
- Responsiveness to our periodic due diligence
- Evidence of unethical / fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem
Based on this criteria, the decision has been made to delist and stop the trading (on all trading pairs) for BCN, CHAT, ICN, and TRIG at 10:00 AM (UTC) on 12 October 2018; however, note that withdrawals of these cryptocurrencies from Binance will be allowed to continue until 10:00 AM (UTC) on 12 November 2018.
This is not the only time that Binance has removed coins/tokens. For example, on 5 April 2018, Binance announced to “delist the CTR token and the CTR/BTC , CTR/ETH trading pairs” on 8 April 2018.
Yesterday, as covered by CryptoGlobe, Binance reported that it had made a change to its listing fee policy: effective immediately, all listing fees would become “transparent” and fully donated to its charity arm (Blockchain Charity Foundation).
Featured Image Courtesy of Binance
