Bytecoin (BCN) Plunges as OKEx Delists Coin Due to BCN Technical Problems

Binance has already removed BCN and users should withdraw their deposits till the end of October.

Bytecoin (BCN) dropped more than 8% on Friday midday UTC as OKEx, one of the leading crypto markets, said it had decided to delist the coin immediately because of technical problems. Earlier this week, Binance also announced the removal of BCN because the project does not follow its quality standards.

Users should withdraw their BCN coin to other exchanges or wallets before 23:59 HKT [15:59 UTC] on October 31.

“Our regular monitoring of Bytecoin found that the project has been exposed to a critical technical issue that has been left unhandled. To protect the interests of our users, OKEx will delist all BCN trading pairs at 19:00 Oct 12, 2018 HKT [11:00 UTC]. All depositing and trading services of BCN will be terminated after the date,” OKEx said in the statement.

“Users should cancel their BCN orders from our platform. If your order is not canceled in time, the order will be canceled by the system and your asset will be credited to your trading account.”

OKEx published that statement at 09:45 UTC when Bytecoin changed hands at $0.001433, but around half an hour later it had dropped to $0.001395. More than two hours after OKEx’s announcement BCN continued to plunge on a daily basis and traded at $0.001406, which was 8.92% decline over the last 24 hours.

The coin clocked $2.7 million in trading volume for the last day and OKEx’s Tether (USDT), and Bitcoin (BTC) trading pairs accounted for $118,005 of it. Binance, which delisted Bytecoin at 10:00 UTC on Friday, was the largest BCN market $984,185 achieved by trading in BTC, Ethereum (ETH), and Binance Coin (BNB).

At the time of writing, Bytecoin had not responded to OKEx’ concerns. The project’s latest announcements were about the Binance removal, announcing that the coin team is in talks with that exchange, and a second statement – about a new version to the BCN software, 3.3.2., made on Wednesday.

Bytecoin, founded in 2012 and released to public two years later, is a private and decentralized open-source mineable cryptocurrency. The project focuses on privacy and anonymous transactions. Bytecoin uses the CryptoNote protocol, which also underpins Monero (XMR).

Bytecoin ranks number 32 in the cryptocurrency market capitalization list at more than $258.7 million in value.