The currency competition is getting harder
There was a report on Tuesday (the 9th of October 2018), in which Binance, the worlds largest crypto exchange (by trading volume), has made an announcement that it will be making plans to delist a few Digital currencies. This includes Chatcoin (CHAT), Iconomi (ICN), and Trigger (TRIG).
Out of all four cryptocurrencies or crypto assets that is being focused on, Bytecoin is one of the most important. This decision has hurt the price of Bytecoin a bit and it is now trading at 0.001856, which is now down from 15.82%, in less than 24-hours. The Binance team had in a post that the company is conducting good business processes.
“comprehensive and periodic reviews of each digital asset ” to make sure that “projects maintain a high standard,” it gets reviewed more closely, and becomes a potential candidate for the delisting of cryptoassets”
The Binance team is using these criteria to determine if a particular crypto asset or currency must be delisted from the platform. (1) the commitment of the team to the project must be strong coming from a road map, (2) Quality and level of development and activity. (3) The great Network and smart contract activities. (4) The level of public communication and activities. (5) Responsiveness of the periodic due diligence. (6) Evidence of unethical/fraudulent conduct. (6) The contribution to a healthy and sustainable crypto ecosystem.
Binance will be examining all cryptos
The criteria for decision making of the delisting of currencies was made in order to stop all trading activities from the cryptocurrencies, BCN, CHAT, ICN, and TRIG at 10:00 AM (UTC) on 12 October 2018. The team noted that withdrawals of all these cryptocurrencies from Binance will be allowed to continue with trading until 10:00 AM (UTC) on the 12 of November 2018.
According to e few reports this is not the first time that the company Binance has removed cryptocurrencies. The last delisting of crypto assets was back in April on the 5th, where Binance announced to “the delisting of the CTR token and the CTR/ BTC, CTR/ETH trading pairs that can be found on the platform to be removed by the 8th of April 2018.
The Binance team reported that it had made a different type of fee policy. The trading and exchange platform has made the transparency of fees be shown while trading. Some of this is also donated to charities like the (Blockchain Charity Foundation).
What are your thoughts and opinion about these developments? Please feel free to leave a comment below.