Binance, one of the the world’s biggest cryptocurrency exchanges by trading volume, recently announced on their Twitter page that they would be delisting 4 coins from their platform. They also elaborated that they would be doing so based on “comprehensive and periodic reviews”, providing factors that would cause delisting to occur.
The coins that were said to be delisted are Bytecoin [BCN], ChatCoin [CHAT], Iconomi [ICN] and Triggers [TRIG]. While the reasons for the delisting were not mentioned, Binance took the opportunity to clarify the factors that could lead to it.
Binance revealed that they review all of the assets on their platform to ensure a “high standard of quality”. If the asset does not comply with the standard set by the exchange, they clarified that it could be subject to delisting upon further review.
The factors they mentioned for delisting included looking into the commitment of the team to the project, specifics of the development cycle, and the stability of the network itself, or smart contracts in the case of tokens on other blockchains.
They also stated that they would be looking into how much the team communicates with the public and their activities concerning them. Binance also evaluated the responsiveness to the due diligence they conduct on a periodic basis. Any evidence of unethical or fraudulent conduct would also put them on the blacklist for delisting.
The coins were said to be delisted from the 12th of October at 10:00 AM UTC. The withdrawals for these coins and tokens were revealed to be supported until the 12th of November.
This represents the latest step Binance has taken towards contributing to a “healthy and sustainable crypto ecosystem” through its involvement in the space. Other actions that were taken by the firm also include routing all of their trading fees to charity and the launch of a decentralized exchange where Binance Token [BNB] is the GAS.
In the own words:
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.
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
Based on the above criteria, we have decided to delist and cease trading on all trading pairs for the following coins and tokens at 2018/10/12 10:00 AM (UTC):
- Bytecoin (BCN)
- ChatCoin (CHAT)
- Iconomi (ICN)
- Triggers (TRIG)
Withdrawals of these coins and tokens from Binance will continue to be supported until 2018/11/12 10:00 AM (UTC).
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.
We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.
Thank you for your continued support.
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