Binance Sends Four Coins Plunging with Decision to Delist Them

The exchange said it would remove Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG) on Friday, with the announcement immediately triggering a significant price decline for the assets.

Binance, one of the leading cryptocurrency trading platforms, has decided to delist four virtual coins - Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG) - as they do not meet the exchange quality standards, the company said on Tuesday.

Binance published the delisting announcement several minutes after 07:15 UTC, causing an immediate price decline for all four coins. Triggers and ChatCoin reacted with the largest drop, plunging by about 30% each an hour after the news became public. Bytecoin lost around 20%, while Iconomi was down by more than 10% at that point.

The coins kept sliding more than two hours after the decision was announced because Binance is the main market for these projects. TRIG traded at $0.19, a 37.35% drop in 24 hours as of 09:23 UTC on Tuesday. The coin clocked $5.8 million in trading volume, and pairs with Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) accounted for all of it, according to Coinmarketcap data.

CHAT was changing hands at $0.017, a decline of 19.83% on a daily basis. Binance BTC and ETH markets were responsible for $3.8 million of the total $5.6 million trading volume.

Bytecoin declined by 17.53% to trade at $0.018, Binance pairs with BTC, ETH, and BNB accounting for $5.1 million of the $8 million trading volume for the coin in the last day.

Iconomi’s Binance BTC and ETH markets made up $729,735 of its total $952,234 trading volume. The coin lost 8.3%, sliding to $0.35.

The delisting

Binance will remove BCN, CHAT, ICN, and TRIG at 10:00 UTC on Friday, with withdrawal services ceasing at the same time on November 12. The exchange attributed its decision to several factors, including “evidence of unethical/fraudulent conduct” by the four crypto assets, problems with their responses to Binance due diligence procedures, and issues with network and smart contract stability. BCN, CHAT, ICN, and TRIG also have problems with their contribution to the sustainability and health of the virtual coin market as a whole. All four teams have insufficient commitment to the development and quality of their projects, and their public communication leaves a lot to be desired.

Only Iconomi’s team had reacted to the delisting announcement as of the time of writing, saying in a tweet:

“ICN will be converted into the eICN equity token, which most exchanges are not currently legally prepared to offer. We expect that some exchanges will choose to delist ICN.”