Binance to Delist New Batch of Cryptocurrencies
Binance has announced that it is preparing to delist five crypto assets from its exchange after conducting a routine market review.
Binance has posted a new update on its website, announcing on Friday that it will soon delist five cryptocurrency projects that have fallen below the “high level standard” the platform expects.
“When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all of our users,” Binance explained.
The list of soon-to-depart assets features Modum (MOD), Salt (SALT), CloakCoin (CLOAK), Wings (WINGS), and Substratum (SUB). According to Binance, all of them no longer satisfy its strict listing criteria, based on factors it detailed as follows:
- Commitment of team to project
- Level and quality of development activity
- Network / smart contract stability
- Level of public communication
- Responsiveness to our periodic due diligence requests
- Evidence of unethical/fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem
The trading of these assets, including all associated pairs, is scheduled to terminate at 10:00 UTC on February 22, 2019.
This is the second group of digital assets to be delisted by Binance in the last four months. In October 2018, the world’s top exchange by trading volume announced the removal of Bytecoin (BCN), Triggers (TRIG), ChatCoin (CHAT), and Iconomi (ICN). The move almost immediately triggered heavy sell-offs of those assets across other exchanges.
So far, SUB and MOD have fallen by more than 26% against the US dollar in the last 24 hours, while SALT, CLOAK, and WINGS have recorded respective declines of 11.85%, 17.94%, and 19.4%. These losses are likely to deepen as news of the delisting spreads across the market.