On Friday, February 15th, 2018 Binance, the leading cryptocurrency exchange by adjusted daily trade volume, announced that in a week the altcoins listed below will be removed from the list.
The tokens CloakCoin (CLOAK), Modum (MOD), SALT (SALT), Substratum (SUB), and Wings (WINGS) have failed to satisfy Binance’s strict rules to justify their continued listings on the exchange and therefore Binance will be purging them to protect the top exchange’s users.
According to the announcement on the Binance website,
“Binance periodically review[s] each digital asset we list to ensure that it continues to meet the high level of standard we expect. 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.”
The announcement goes on to list the factors that the exchange considers when making the decision to maintain tokens on the platform. They include:
- 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 tokens will all be delisted on Friday 22nd February, a week from the announcement date at 10:00 AM UTC. As always the announcement assumes the one week time period is enough for investors to trade their tokens or transfer them to other exchanges that still support the tokens.
Similar to the positive effect a token listing on Binance has to the token price, delisting has a similar negative effect. All altcoins had a noticeable reduction in price, for instance, SALT lost close to 20% while Substratum shed about 41% of its price in the hours following the announcement.
