Binance has announced the delisting of Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG) citing a number of reasons for the same and claiming to continue performing periodic reviews, that has these coins and tokens go red to as much as 40%.
BCN, CHAT, ICN, & TRIG getting delisted from Binance
Today, Binance, one of the biggest and popular crypto exchange with a daily trading volume of $875.9 announced the delisting of 4 coins viz. Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG).
“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.”
Talking about the reasons for the same, the announcement further reads, “For public transparency, we would like to disclose some factors that inform our decision to delist digital assets.
- 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”
Delisted coins & tokens go deep in red
Now, on the basis of this criteria, they stated “we have decided to delist and cease trading on all trading pairs” at 2018/10/12 10:00 AM (UTC). However, withdrawals will continue to be supported until 2018/11/12 10:00 AM (UTC).
In order to build an ecosystem that promotes “transparency and long-term, sustainable growth,” Binance concludes with, “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.”
The news of delisting resulted in the loss of value as the prices took a drop. At the time of writing, Bytecoin (BCN) of 30th rank has been falling by 20 percent at $0.0017 while ChatCoin (CHAT) is down by 23 percent at $0.0172.
The one with the biggest losses is Triggers which is in the red by about 39 percent at $0.1923. Whereas, Iconomi (ICN) is the least affected one at $0.3540 while being 9 percent down but it is also continuously dropping.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.