- Binance has announced the delisting of four currencies
- The currencies can be withdrawn until 2018/11/12
- A number of factors, including public communication and activity contributed to the decision
Binance has made a new announcement banning certain coins from their platform. In a statement on their website, Binance said that the delisting will include Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG) .
Trading and listing of these coins will cease at 2018/10/12 10:00 AM (UTC) and withdrawal will cease at 2018/11/12 10:00 AM (UTC).
While no express reason was given for each currency, it was implied that the currencies, for various reasons, were found to be not of good enough quality to justify remaining listed. The official statement reads:
“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.”
It was also stated that a number of factors were taken into consideration before the decision of delisting the currencies was made.
Commitment of the team to the project
It is no secret that some view cryptocurrency as a fad or simply start coins because they can and do not show a great deal of dedication to improving on it, leaving many projects as barebones protocols with no unique features.
This attitude was one of the factors for coins being delisted.
Quality and level of development activity
A side effect of the lack of team commitment, there is the expectation that every coin listed on Binance will undergo a significant amount of development during its lifetime.
If this development doesn’t take place, there is the risk of delisting.
Level of public communication and activity
Ultimately, Binance is a business and will only continue if trading activities are consistent and healthy.
Any coin that isn’t receiving a healthy level of activity and communication from the general public does not benefit the platform and will be delisted.
Responsiveness to periodic due diligence
As Binance’s earlier statement said, they carry out periodic reviews and due diligence of each coin listed on their platform
Should the developers of any coin not respond to these reviews on time, not respond appropriately or at all, they risk having their coins delisted.
Other factors listed as having an effect on the decision to delist include Network / smart contract stability, evidence of unethical/fraudulent conduct and contribution to a healthy and sustainable crypto ecosystem.