The cryptocurrency exchange giant Binance announced that it will be delisting four coins from its platform. In an official announcement uploaded some days ago, the company informs that the decision has been taken to protect users. The coins and tokens affected are Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG).
Binance Delists Virtual Currencies
Binance has surprised the crypto community announcing that it will delist four coins from its platform. The decision has been taken after a review conducted by the firm. Coins and assets that do not comply with the required standards could be delisted.
The official statement reads as follows:
“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 his quality standard, it will be subject to further review and potentially delisted.”
Binance disclosed some factors that they take into account at the time of delisting assets including the commitment of the team to the project, the quality and level of development activity, the stability of the network and the level of public communication and activity.
Other factors that the company mentioned are related to the sustainability of the crypto ecosystem and responsiveness to the periodic due diligence. As mentioned before, the coins affected are Bytecoin, ChatCoin, Iconomi and Triggers. As per the report, withdrawals of these coins will be supported until 2018/11/12 10:00 AM (UTC).
In the future, Binance will continue to perform periodic reviews about the assets listed on the exchange.
Bytecoin, currently the 30th most valuable virtual currency has lost more than 20% of its price after the announcement. Its price moved from $0.0022 per coin to $0.0017 dollars. At the same time, Iconomi lost 11% of its price, ChatCoin 34% and Triggers 50%.
Most of the times, when a coin is listed in an important platform such as Binance its price skyrockets. The contrary happens when the asset is delisted. This is why these virtual currencies experienced such important losses.
“We remain committed to protecting our users and all Binance stakeholders and will continue to perform periodic reviews of all listed coins and tokens,” the post reads.
Chnagpeng Zhao, CEO of Binance said on Twiter that the decision is not easy to take. Additionally, he mentioned that they preferred to delist them at the same time rather than one per day.
Back in May, Binance decided to list BCN. At that time, we wrote at UseTheBitcoin that the coin skyrocketed 114% after being listed. This raised questions on whether the listing of this coin was a coordinated ‘Pump & Dump.’ 5 months later, Binance decided to delist the token.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.