The popular cryptocurrency exchange of Binance, periodically reviews all coins listed on its platform in a bid to protect its users and all Binance stakeholders. It is with this policy that the exchange has most recently announced that it intends to delist four digital assets on its platform. The announcement gave the list of affected coins as following:
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).
Why They Will Be Delisted
As earlier stated, the team at Binance periodically reviews all digital assets on its platform to ensure that the projects maintain a high standard of quality. If the coin falls below a certain quality, it is reviewed and potentially delisted.
The exchange has provided the following factors as grounds for a coin to be delisted:
- 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
Binance Listing Fee Update
The exchange also made a change to its listing fee policy earlier on this week Binance immediately started making all listing fees transparent and pledging to donate all collected fees to charity. This new policy change is geared towards expanding Binance’s initiative to increase the use of blockchain technology for the greater good.
The exchange went on to explain the process that will occur whenever a project wants to list their digital asset.
Project teams will still propose the number they would like to provide for a “listing fee,” or now more appropriately called a “donation.” Binance will not dictate a number, nor is there a minimum required listing fee.
If your coin is still in the listing review process, feel free to update your application with an appropriate number. Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process.
What are your thoughts of Binance delisting the aforementioned coins? Please let us know in the comment section below.
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