Binance, one of the world’s largest crypto currency exchanges by trading volume, has announced that it will remove four Altcoins from its platform. Binance has announced that it will remove Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Trigger (TRIG) from the exchange. Exchange users who own one of these old coins have until November 12 to transfer their balance to another exchange or wallet.
“The Binance team conducts regular consumer protection checks for all crypto currencies listed on the stock exchange. These checks ensure that all projects have a high quality standard. If a coin or token does not meet this quality standard, it will be subjected to a further check and possibly removed”, says the press release from Binance..
Specifically, the Binance team examines the following factors: Team commitment to the project, quality and level of development activities, network/smart contract stability, level of public communication and activity, responsiveness to regular due diligence, evidence of unethical/fraudulent behaviour, contribution to a healthy and sustainable crypto ecosystem.
Based on at least one of these factors, Binance has now decided to remove Bytecoin (BCN), Iconomi (ICN), Trigger (TRIG) and ChatCoin (CHAT) from the exchange. In particular Bytecoin, one of the oldest crypto currencies after Bitcoin, stands out from the list. Bytecoin was created as early as 2012 with the aim of creating a privacy coin. In 2014, Monero split from Bytecoin.
As a result of the announcement, the four Altcoins have experienced partly considerable price declines. BCN fell by 20% (rank 30), ICN by 8% (rank 139), CHAT by 35% (rank 335) and TRIG even lost 47% (rank 496) of its value.
Other crypto currency exchanges “clear up” also
Bittrex has already caused a sensation earlier this year when it removed 82 Altcoins from the stock market. Just a few days ago, Bittrex announced again that it was delisting Bitcoin Gold (BTG), Bitshares (BTC) and Bitcoin Private (BTCP) from the stock exchange. Users of the stock exchange have until 05 November time to remove their assets from the stock exchange.
Poloniex said in a statement at the end of Spetmber that it would remove BitcoinDark (BTCD), Bitmark (BTM), Einsteinium, (EMC2), Gridcoin (GRC), NeosCoin (NEOS), PotCoin (POT), VeriCoin (VRC) and BitcoinPlus (XBC). The decision entered into force on 25 September.
Currently Poloniex has announced on 03 October to delist the three Altcoins Gnosis (GNO), Synereo (AMP) and Expanse (EXP) on their platform.
From our perspective, the removal of all these currencies from the various exchanges is a (positive) side effect of the ongoing bear market. Projects that are not successful are sorted out by the competition on the crypto currency market. Similarly, as in the dotcom era, only the really innovative and powerful projects on the crypto currency market will be able to assert themselves in the long term.