A new announcement was made on Tuesday, 9th of October by one of the biggest and most popular cryptocurrency exchanges in the world, Binance, who said that four tokens will be delisted from their trading platform. We don’t know until when will the situation stay like this. The report that was published on the website of the exchange says that because Binance wants to protect their users’ safety, they will delist ChatCoin (CHAT), Triggers (TRIG), Iconomi (ICN) and Bytecoin (BCN). As a result of this, most coins have dropped quite a lot.
The reasons behind the decision
The team said in the recent press release that they are dedicated to maintaining safety amongst their users, thus they are conducting on a constant basis thorough reviews of the digital assets that are listed on the platform. They added that when some tokens or coins drop down below a certain quality level, they are delisted completely from the exchange or, on some occasions, they are reviewed extensively.
However, even though the reasons as to why the four tokens were delisted were not officially disclosed, the team has indicated that the projects no longer reached the needed quality standards. Some of the factors that are taken into consideration by the team when they need to assess the tokens are: the network/smart contract stability, the quality and level of development activity, and the level of public activity and communication.
The result of the delisting was an inevitable crash
As we could probably expect, the announcement has caused the crashing down of some coins, which is not uncommon with delistings. Therefore, Bytecoin has declined with 22 percent since the moment of the announcement, trading at $0.017 per coin, ChatCoin has seen a decline of 30 percent, trading at $0.016, Iconomi has declined by almost 9 percent, trading at $0.36, and Triggers had a decline of nearly 49 percent, trading at $0.155. The tokens will be delisted by 12th October.
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