Today, October 9 2018, Binance announced that they will be delisting Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG) from their trading platform. The world’s largest crypto exchange (by trading volume) has given users till the 12th of October to trade the currencies.
Interesting news today, as Binance announced the delisting of four coins. Of these four cryptocurrencies, especially Bytecoin is a surprise, since it was ranked 23rd on CoinMarketCap before the news came out. It does not happen too often that a top 50 coin gets delisted.
Naturally, the Binance news has hurt the price of Byteciin. At the time of writing, Bytecoin is trading at 0.00179, down 19.55% in the past 24-hour period.
The official announcement from Binance states:
“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.”
The Binance team further explains that the following criteria are used to determine if a coin/token should get delisted:
- The commitment of the team to the 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 this criteria, the decision has been made to delist and stop the trading (on all trading pairs) for BCN, CHAT, ICN, and TRIG at 10:00 AM (UTC) on 12 October 2018; however, note that withdrawals of these cryptocurrencies from Binance will be allowed to continue until 10:00 AM (UTC) on 12 November 2018.
It is clear that after most primarily focusing on the fast growth of the Binance platform over the last year, Binance is now starting to focus on the actual quality of the digital assets that is has listed or is going to list.
Binance has grown exponentially over the past year, even surpassing Coinbase based on daily volume. A big reason for the rapid growth was the number of digital assets available on the Binance platform. That said, over the last months Binance has been getting a lot of negative attention regarding high listing fees. Therefore, the move to delist these assets might be a new step by Binance towards contributing to a “healthy and sustainable crypto ecosystem” through its involvement in the space.
Yesterday, Binance already reported that it had made a change to its listing fee policy: effective immediately, all listing fees would become “transparent” and fully donated to its charity arm, the Blockchain Charity Foundation.