The renowned and largest cryptocurrency exchange by trading volume, Binance, has chosen to delist some cryptocurrencies. These cryptocurrencies include BCN CHAT, ICN and TRIG. The step is taken to safeguard users from scams. Furthermore, Binance ensures that the project maintains quality on its platform, in the cryptocurrencies.
Binance conducts periodic reviews of quality on the listed cryptocurrencies, digital assets, and tokens on its platform. Furthermore, if the quality of any of these cryptocurrencies, or digital assets drop, they are subjected to review. Furthermore, if it fails, it delisted from the exchange.
About the Announcement
The announcement came from their official Twitter handle, and official website.
— Binance (@binance) October 9, 2018
Binance stated on their official website about this. “Fellow Binancians, 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 company also informed about the factors on which they judge a cryptocurrency. Furthermore, they judge the cryptocurrency on the commitment of its team to the blockchain project. Also, they keep in the review, whether the project maintains quality and that the level of development activity going on.
Furthermore, coming to technical points, it takes in the review, the stability of the cryptocurrencies’ smart contract. It also judges the cryptocurrency project on social factors such as evidence of frauds or unethical activities or conduct. It sees how the project is helping the cryptocurrency ecosystem to become more healthy and open.
From 10:00 Am (UTC) of October 12, Binance will delist some of the existing cryptocurrencies on the platform. These cryptocurrencies include Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). Moreover, users will be able to withdraw these coins till November 12, 2018.