Poloniex, one of the longest-running US cryptocurrency exchanges, has announced the imminent delisting of eight coins. The move comes after steps taken in July by the platform to cease support for nine crypto projects under its new digital asset assessment rules.
Poloniex said in a statement on Tuesday that it would take down BitcoinDark (BTCD), Bitmark (BTM), Einsteinium, (EMC2), Gridcoin (GRC), NeosCoin (NEOS), PotCoin (POT), VeriCoin (VRC) and BitcoinPlus (XBC). The decision will take effect at 12:00 ET on September 25 and users will have 30 days to close out trades and withdraw the balances from their accounts.
Poloniex, which in February was acquired by Goldman Sachs-backed mobile payment applications Circle, said the move was part of a “continuous effort to improve the performance of the exchange and to better serve our customers.”
Poloniex’s has been falling in rankings in CoinMarketCap’s crypto exchanges chart in recent months. The platform was ranked as the 14th largest by trading volume earlier this year and currently holds the 34th spot. In an bid to enhance its popularity among investors and filter out underperforming or questionable crypto projects, Poloniex implemented new asset assessment rules in June. Called Circle Asset Framework, the tool is used to prioritize new listings and assesses cryptocurrencies across five main categories — fundamentals, technology, people, business model, and market dynamics.
Poloniex did not specify which of the criteria each of the eight excluded projects failed to meet. Apparently, the token developers have not been informed either, as most of them reacted with surprise to the announcement.
“Given our long history of being listed on @Poloniex, we are just as surprised as you are by their announcement today to delist #potcoin from their exchange. We were given no communication or advance notice by the @Poloniex team & are still unsure…”, PotCoin said in a Twitter post on Tuesday.
BitcoinPlus shared a similar view: “Poloniex announced they are delisting us from their exchange, causing a crash in the price. Strange decision to make considering we are about to release our latest version.”
NeosCoin released a Reddit statement in response to Poloniex’s decision, saying that it has submitted an appeal to the exchange, pleading its case as to why the NEOS should not be delisted. “It's ultimately in their hands, but the decision was based on a lack of volume,” the company added.