Announced on Feb 15, 2019, Binance cryptocurrency exchange is delisting the five cryptocurrencies on its platform. Accordingly, it will also cease the trading of those five tokens on all trading pairs as well. The move will come into effect on Feb 22, 2019.
Tokens No Longer Meet The Level of Binance’s Standard
One of the largest cryptocurrency exchange, Binance which currently stand with average marketcap of $475,898,758 is delisting CloakCoin (CLOAK), Modum (MOD), SALT (SALT), Substratum (SUB) and Wings (WINGS). The exchange would delist these coins and tokens on 22 Feb 2019 at 10.00 AM UTC.
The move comes amidst the exchange’s review process for tokens to ensure they meet the high level of standard Binance has set. Consequently, the absence of such requisites by listed tokens will let Binance potentially delist after the prior in-depth review.
Consequent to the delisting of these five tokens, all trade orders will also be removed automatically. Furthermore, Binance will support traders and crypto enthusiast in funds withdrawal from these coins until Feb 22, 2019, at 10.00 UTC. Moreover, it cautioned users not to select ‘Hide small assets’ in user’s fund page if they intend to view asset after Binance cease the trading of these coins.
The official announcement states that;
At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it.
The review process of Binance includes the number of criteria- few mentioned by team Binance are as follows;
- The commitment of the team to project
- Level and quality of development activity
- Network / smart contract stability
- Level of public communication
- Responsiveness to our periodic due diligence requests
- Evidence of unethical/fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem
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