Following the recent delisting announcement of five crypto tokens by Binance exchange, the other leading cryptocurrency exchanges are likely following the suit.
Binance Delisted Five Tokens – including SALT and WINGS
Coingape had recently reported that Binance cryptocurrency exchange set to delist and suspend the trading of five tokens including CLOAK, MOD, SALT, SUB and WINGS due to the failure of performing as per platform’s criteria. However, the announcement appeared on Binance website on Feb 15 and the delisting occurred on Feb 22, 2019, finally. In particular, the potential delisting by Binance is said to be- ‘team’s commitment towards the project, fraudulent conduct and unlike’.
Such token delisting decision of Binance might have struck a ‘fear point’ among the other exchanges – as such, a South Korean cryptocurrency exchange, Upbit have moved few tokens in a special category of assets that are likely be delisting from the exchange. Few of such affected exchange on Upbit are also including those that are recently delisted from Binance – Blocktix (TIX), SaluS (SLS), Salth (SALT) and the Wings (WINGS). To note, SALT and WINGS are the common tokens in Binance and Upbit that seems not performing as per the standards.
Upbit & Bittrex Likely Delist SALT and WINGS Token
Furthermore, the report also revealed that Upbit exchange would seek clarifications from other listed tokens and if found unsatisfactory – it would likely delist those as well. The potential reason for delisting as mentioned in Upbit’s official website is ‘an investigation by local financial authorities due to unfair distribution of tokens by SALT and WINGS platform’. Moreover, it is important to note that SALT is already delisted from several other exchanges while WINGS is waving in trouble.
[Market] Designation notice of Blocktix(TIX), SaluS(SLS), SALT(SALT), Wings-DAO(WINGS) as Investment Warning Crypto-asset. Please see the link for the additional information: https://t.co/OYGNoS58jE
— Upbit Global (@upbitglobal) February 22, 2019
• Market: SALT / BTC, SALT / ETH
• Reason for Designation
: SEC Prevents Eric Voorhees from participating in unauthorized Crypto-asset projects, and an investigation by local financial authorities has recently been conducted on the unfair distribution of tokens. Consideration of this situation, we have decided designation of investment warning Crypto-asset.
• Market: WINGS / BTC
• Reason for Designation
: Wings DAO is a project that has been launched on the Big-Data based Crypto-asset pricing forecast market, but it has not been built yet. In addition, efforts to promote business is low. We have decided to designate this as an investment warning Crypto-asset.
However, Binance’s decision isn’t firmly accepted by team SALT as such they took to Twitter the second day of the announcement and goes on stating that the effort to help shape the new economy without considering the number of exchanges, SALT is listed. It says;
"At SALT, we define success not by the number of exchanges on which we are listed, but by our efforts to help shape this new economy." CEO of SALT Bill Sinclair responds to the @binance delisting. https://t.co/ybx9FUIpB2 pic.twitter.com/ICsOYYBUy9
— SALT (@SALTLending) February 16, 2019
In a similar context, WINGS also announced on Twitter as ‘continue implementing the Wings vision’
WINGS responds to @Binance delisting
"We will continue implementing the Wings vision."https://t.co/lU1tSZ6Ypm
— WINGS Foundation (@wingsplatform) February 17, 2019
What’s your stake on both the tokens? and decision by Binance and Upbit? Share your opinion with us.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com