In an announcement made on their website and an email blaster sent to all their users, Binance has said that it is going to delist a bunch of coins from their exchange. The reason that the exchange cited was that these coins do not match their trading criteria and therefore will no longer be trading on their exchange.
The exchange, for ‘public transparency’, listed the criteria that they expect all coins on their exchange to adhere to. And they are:
- 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
For the best interest of the users, the exchange conducts periodic reviews and tests so that they are offering the best of digital assets. As a result, tokens and coins found lacking behind in more than one of these criteria are systematically grouped for delisting and then subsequently removed over a period of time from the exchange.
To this effect, Binance has found that four of the coins that their exchange is currently dealing in and offering to their clients do not meet the criteria and do not belong on their exchange any longer.
Based on the listed criteria and based on the fact that these coins and tokens fall short because of them; these are the following coins that are going to be delisted from the exchange:
- Bytecoin (BCN)
- ChatCoin (CHAT)
- Iconomi (ICN)
- Triggers (TRIG)
The coins will be delisted systematically over the next two days and will no longer be on the crypto exchange for trading. This delisting is to happen on the 12th of October at 10 AM (UTC).
These four coins will be delisted on the 12th of October at 10 AM UTC. And the users and members that have holding in these four coins have been requested to withdraw these coin over the next two days.
Withdrawal request post 12th of October after 10 AM will no longer be supported by the exchange.
Massive sell-off started after the announcement arrived, TRIG, BCN and CHAT dumped over 20% after the news while ICN lost 5% Value so far.
After the delisting, TRIG will lose liquidity, as TRIG was only listed on Binance, Considering their upcoming mainnet release, This must have came as a shock for TRIG Team and their supporters.
Iconomy – the company behind ICN Token recently announced to stop using ICN token as utility. That seems a valid reason for Binance to delist it.
About Other two coins- BCN and CHATCOIN, Reasons are not cleared but it seems some technical issues in their code which made them easily manipulated for pumps and dumps.
Most Read What is Security token offering?
[bctt tweet=”Binance to delist coins – TRIG,ICN,CHAT and BCN” username=”ItsBlockchain”]
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