Poloniex Exchange To Delist 9 Coins Under New Rules, All React With Sharp Drops

Florin Coin (FLO), Folding Coin (FLDC), Vcash (XVC), Bitcrystals (BCY), Nexium (NXC), Radium (RADS), Black Coin (BLK), Pink Coin (PINK) and Pink Coin (PINK) saw decreases between 20-80%.

One of the major cryptocurrency markets, Poloniex, announced on Thursday the first list of nine digital coins that will be taken down from the trading platform after the exchange owner, Circle, recently implemented new asset framework. All coins, namely FLO, FLDC, XVC, BCY, NXC, RADS, BLK, PINK and RIC reacted with big decrease in prices on Friday afternoon UTC with Riecoin (RIC) dropping the most and Radium (RADS) emerged as the most stable.

 “…we have decided to delist some of our currently supported assets that either do not align with the framework and/or exhibit limited trading volume for an extended duration of time. On Thursday August 2nd, at 00:00 UTC, the following assets will be delisted from Poloniex: FLO, FLDC, XVC, BCY, NXC, RADS, BLK, PINK and RIC,” the exchange explained in a statement.

Once delisted, users will have 30 days including September 2 to withdraw any balances in these assets.

At 14:02 UTC on Friday, Riecoin (RIC) saw the largest drop on a 24-hour basis. It was down 80.91%, changed hands at $0.009 for one coin and ranked 955 in the cryptocurrency market capitalization list. Vcash (XVC) was down 74.57%, it was traded at $0.02 for one coin and ranked number 969 by market cap.

The other seven saw decrease under 50% - Nexium (NXC) was down 43.54%, traded at $0.04 for one coin and ranked 668 by market cap, Folding Coin (FLDC) – 40.14%, $0.05, number 654, Florin Coin (FLO) – 38.17%, $0.005, number 654, Bitcrystals, (BCY) – 37.23%, $0.13, number 685, and Pink Coin (PINK) – 33.90%, $0.07, number 700.

Two of the coins decreased around 20%: Black Coin (BLK) was down 22.69%, changed hands at $0.12 and ranked number 436 by market capitalization while Radium (RADS), which is number 482 in the market cap list, saw a decrease of 21.06% and was traded at $2.33 for one coin.

The new Poloniex asset framework

Last month, Circle, the multi-currency sending application that acquired Poloniex earlier this year, introduced a new virtual coin set of rules. Called Circle Asset Framework, it put attention on five topics: fundamentals, technology, people, business model, and market dynamics. Poloniex also examines forks, swaps and aidrops.

“We are more likely to support these [three] events if they are planned, documented and communicated well in advance. We look out for the opportunity to do a code and security review of the planned change.”

Last week, Poloniex launched an official mobile application for Android and iOS as part of Circle’s expansion plans.