Just days after Binance updated its listing procedures and charitable donations, it has decided to axe four cryptos from its trading platform. It claims that it has the highest standards of any crypto exchange and continuously reviews the cryptocurrency pairs available. As a result, it is removing all cryptos that fall below its high standards over time. Unfortunately for these four cryptos – and all their hodlers – time is running out. ChatCoin, Bytecoin, Iconomi, and Triggers are all set to be removed from the platform on October 12th at 10am UTC.
Binance Updating its Listing Process
In the past, Binance has been ridiculed for its expensive listing process and many have seen the fees as a bribe to help boost the price of a project’s cryptocurrency. However, Binance has decided to stop charging projects for the privilege of being listed on its platform, allowing projects to make a charity donation instead – how noble. Binance appears to be following Coinbase in reviewing its application process as well. Last month, Coinbase also waived all listing fees and made it easier for cryptos to get listed on America’s favorite crypto exchange.
Getting Delisted is Quite a Task
Crypto exchanges aren’t quick to delist coins that are trading well, as they help generate revenue through trading fees. Unfortunately for these four cryptos, Binance isn’t feeling the love and isn’t benefiting enough from them. In a bid to be transparent, Binance has listed the qualifications a crypto needs before it will be delisted. Projects up for delisting are evaluated on their commitment, quality and level of development, network/smart contract stability, level of public communication and activity, responsiveness to periodic due diligence, evidence of fraudulent conduct, and contribution to a healthy and sustainable crypto ecosystem.
Binance Clearing out the Dead Wood
Binance is making space on its platform – as well as creating a sense of exclusivity – for the future cryptos that will apply under its new application process. By axing these four cryptos, Binance is making an example to cryptos already listed and those hoping to get listed. Crypto projects need to realize that getting listed on a major exchange doesn’t mean it’s the end of the hard work. Binance wants to encourage projects to continue pushing the industry forwards and sticking to their promises.
If you’re hodling these cryptos, you can trade them until October 10th, while you can withdraw them up until November 10th. Binance’s crypto clear-out is only just beginning and we could see a raft of cryptos getting the axe from this leading crypto exchange in the near future.