Cryptocurrency exchange, Binance recently announced that they will be delisting several tokens and coins from the exchange. The following four coins will be delisted. Binance said in their announment that “We have decided to delist and cease trading on all trading pairs for the following coins and tokens at 2018/10/12 10:00 AM (UTC).”
- Bytecoin (BCN)
- ChatCoin (CHAT)
- Iconomi (ICN)
- Triggers (TRIG)
Yes, Yes, Yes. This is awesome coming from Binance. They have been taking a lot of heat recently for having high listing fees. Vitalik Buterin wished that centralized exchanges burn in hell criticizing the high listing fees a while ago.
I assume the war on shitcoins will probably help them get their reputation up a little. They also recently stated that they will make listing fees public and donate them to charities. Multiple good moves in the right direction for Binance. Why is that a good move? You might be wondering that, so here’s the answer:
Literally every coin getting delisted are total shitcoins with very little development going on. Among the four, I never heard of ChatCoin and Triggers before. Oh, and Bytecoin is among those that will be delisted. It hasn’t gotten any updates for a long time.
A lot of Binance traders lost money during the Bytecoin pump during its listing to Binance. The day BCN / Bytecoin was listed, it went up about 15 times or even higher in value on Binance even though the price was much lower in other exchanges. BCN was trading at 1 – 2 USD cents on Poloniex and HitBTC but in Binance, it went to 21 cents. It stayed above 10 cents for a while.
Many traders who brought it at that price got rekt really hard. Those who lost money went to reddit and twitter to whine about it. But of course, whining about it didn’t change anything. The whole pump situation was the fault of Binance for opening trades instantly after the coin was listed.
Since Bytecoin is a crypto that is a little hard to move, it created a temporary low liquidity situation that benefited some smart and lucky users while rekting many traders. It made a bad impression of Binance to me and many other Binance users. There decision to delist these shitcoins will help gain back their reputation a little.