Binance Delists Bytecoin (BCN), ChatCoin (CHAT), Triggers (TRIG), Iconomi (ICN) – Here’s WhyCiting Several Factors
Binance, the world's largest crypto exchange, announced the delisting of four coins, citing various reasons for doing so. The four coins are Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG).
Binance, the world’s largest crypto exchange, announced the delisting of four coins, citing various reasons for doing so. The four coins are Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG).
Binance looks to protect its users
As the Binance team explained in their blog post, the company has a duty to protect its users and so carries out regular project reviews to ensure that users are only exposed to assets that maintain high-quality standards.
The Binance team identified four coins, which they have determined do not meet the company’s standards.
The Binance team indicated potential reasons for each delisting, citing seven factors that led to the “unfortunate” development. For transparency, the exchange’s support team says that the coins have failed in these areas.
Immediately after the announcement, all four coins saw their prices take a nosedive.
At the moment, all four have tanked between 10 percent and 47 percent in the last 24 hours, ranking among the biggest losers on CoinMarketCap.
Potential (main) reason for each delisting
The criteria used by Binance to delist the digital assets names several factors;
Bytecoin (BCN) – evidence of unethical/fraudulent conduct
Bytecoin has had a tumultuous history, failing to live up to expectations since its launch in 2013. Among the very first privacy coins, it recently struggled to fend off criticism of having had 82% of its coins premined.
Bytecoin’s developers and founders have not been able to reassure critics, especially after its network collapsed following listing on Binance earlier this year.
It has long been labeled by many as a scam coin.
ChatCoin (CHAT) – Level of public communication and activity
ChatCoin is one of the lesser known digital assets whose lack of real development activity and almost zero social media presence could be the main reason for Binance’s decision to delist the coin.
The project only updated its website recently and became marginally active on social media only after a concerned user tweeted about it.
Although ChatCoin appears to be one of those ‘dead’ projects, the Chat team thinks otherwise. The team seems to have woken up to reality, judging from their tweet that CHAT is still trading on the exchange.
An update on the announcement made by @binance
We are working with parties involved to resolve the situation. We will keep updating the situation.
Triggers (TRIG) – network / smart contract stability
Triggers lost the most out of the four coins, experiencing a 47 percent decline in the last 24 hours. The coin has divided the crypto community, mainly due to its focus on the gun industry.,
Triggers isn’t an ERC20 compatible token, a possible reason due to network incompatibility.
The team had faced questions about its network before and was delisted from Bittrex at the beginning of the year after attracting very little interest.
The project’s developers, however, believe that the coin will see a spike in interest once it completes its mainnet swap from Trig to TrigX.
ICONOMI (ICN) – converting to a security token
“ICN will be converted into the eICN equity token, which most exchanges are not currently legally prepared to offer. We expect that some exchanges will choose to delist ICN.”
This announcement appears to be Binance trying to clean house in the face of more scrutiny and competition, and these delistings serve as a refreshing reminder that investors need to be watchful about certain coins.