Binance delists Bytecoin [BCN] and 3 others; reveals factors that could lead to removal

Binance, the world’s biggest cryptocurrency exchange 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.

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