In an announcement made less than an hour ago, the leading cryptocurrency exchange by market volume, Binance, have officially de-listed 4 cryptocurrencies, one of them being top 30 cryptocurrency token Bytecoin (BCN).
The four tokens that have been officially removed from the Binance exchange listing are Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). Bytecoin was previously a top 25 cryptocurrency token by market capitalisation, but has dropped 15% within the last few hours to be traded at £0.001428. It now remains just inside the top 30, although the crypto community is expecting more severe dumps within the next 24 hours.
Factors for de-listing
The tokens were removed as part of Binance’s comphrehensive reviews of already listed tokens. In the announcement to de-list the specific cryptocurrencies, Binance outlined several factors as to why they removed the specific tokens:
- 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
The withdrawal process
The four coins will be officially de-listed from the exchange on the 12th of October, three days from now. However, users who still hold shares of the coins will be allowed to withdraw their tokens up until the 12th of November.
Removal of Bytecoin(BCN)
Although this is not the first time Binance has de-listed a token, the removal of Bytecoin has been quite a large surprise to the cryptocurrency community given how well-established the coin has been. Although many investors in the cryptocurrency community are of the belief that Monero (XMR) is the leading privacy coin, not many people remember that it was originally a fork of Bytecoin, which has managed to stay around the cryptocurrency space for an extended period of time. However, as per Binance’s review, it appears that the team behind Bytecoin has fallen short of expectations.