Industry Technology

World’s Largest Crypto Exchange Binance Delists 4 Assets, Prioritizes User Protection

Ali Raza | October 9, 2018 | 11:06 am
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Industry

World’s Largest Crypto Exchange Binance Delists 4 Assets, Prioritizes User Protection

Ali Raza | October 9, 2018 | 11:06 am

A new announcement made by the world’s largest crypto exchange Binance states that the exchange will soon delist up to four cryptocurrencies.

Binance Continues to Review Listed Coins

According to a new statement published by Binance on October 9th, in an attempt to protect its customers, Binance has started to conduct regular reviews of various digital coins that it offers.

Each coin listed on Binance’s platform is thoroughly researched in order to ensure that their customers have access to only the digital assets. However, as the crypto world is always changing and evolving, some coins are simply not capable of maintaining a high standard of quality.

To prevent their customers from making bad investments, Binance has decided to periodically conduct comprehensive reviews of listed coins and to remove all those whose standard drops below a certain level. If such coins are to be found, Binance usually conducts further review and determines whether or not the coin needs to be delisted.

Continuing with their policy of public transparency, Binance disclosed which factors determine whether the coin is deemed acceptable or not. These include the commitment of each coin’s team to the project, the stability of its network and smart contracts, quality of new developments, as well as activity regarding the coin’s community. Furthermore, Binance also takes into account the coin’s responsiveness, contributions to maintaining a healthy ecosystem, as well as evidence of fraud or unethical conduct.

Four Cryptocurrencies to be Delisted

In accordance with these factors, Binance has decided to delist four cryptocurrencies after deciding that their quality is no longer adequate. These cryptocurrencies include Triggers (TRIG), Bytecoin (BCN), Iconomi (ICN), and ChatCoin (CHAT). The coins are said to be delisted at 2018/10/12 10:00 AM (UTC), although their withdrawals from the exchange will still be possible until 2018/11/12 10:00 AM (UTC). As a consequence of the announcement, the mentioned coins have already experienced serious price drops. TRIG went down by 36%, BCN by 17.25%, ICN dropped by 6.96%, and CHAT lost around 22.24% of its value.

Additionally, Binance promised to stay committed to customer protection, as well as the protection of its stakeholders. To ensure that only the best coins are added to its list of cryptos and trading pairs, Binance is also implementing a stricter listing process. That way, the exchange and its customers alike will be certain that only the best and most trustworthy projects will get the exposure on Binance’s trading platform.

This is deemed necessary not only to eliminate bad quality coins but also to ensure that users are not exposed to fake coins and scams that seem to be growing in number. After all, Binance is dedicated to promoting transparency, as well as sustainable growth. As such, it recognizes its responsibility in protecting its customers and their assets.

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