Leading cryptocurrency exchange, Binance is set to delist a number of non-performing coins from its platform and cease trading on all pairs for the said coins.
The coins to be delisted are said to have failed to meet the expected high standards in terms of quality as determined by Binance. This is a fallout of the periodical review of all coins that are traded on the fast growing crypto exchange.
In an announcement by Binance, the soon to be delisted coins include;
- Bytecoin (BCN)
- ChatCoin (CHAT)
- Iconomi (ICN)
- Triggers (TRIG)
According to Binance, the coins will be delisted on October 12 2018, by 10:00 AM (UTC). However, withdrawals of the listed coins and tokens from Binance will continue until November 12 2018, 10:00 AM (UTC).
Reason For Delisting
Based on the review by Binance, the coins that have been penciled for delisting were found wanted in areas that include the following:
- 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
A New Listing Policy
In the same breath, the exchange also made public the changes in its policy with regards to listing of new tokens and coins. All listing fees on Binance are henceforth transparent as the exchange has pledged to donate same to charity. This is in line with the company’s efforts in encouraging the use of blockchain technology for the greater good.
In this regard, for project seeking a listing of their tokens on Binance, the project team is expected to propose a number that they would provide for a “listing fee,” or more appropriately, a “donation.” Binance will not dictate a number, nor is there a minimum required listing fee.
For coins that are yet in the listing review process, teams still do have the opportunity to update their application with an appropriate number. Binance however claims to continue to use the same high standard for the listing review process, implying that a large donation does not guarantee or in any way influence the outcome of its listing review procedures.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.