Binance platform is making headlines for delisting some coins from its platform. The four coins are said to have been found to be in violation of some the laws. The four coins are Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and lastly Triggers (TRIG).
According to a blog post on its website the four coins have been found to be violating some of the factors put in place to monitor virtual currency on its platform. After carrying its periodic review of the coins, Binance found that the coins were performing below standards. The comprehensive and period reviews are carried out by Binance team to ensure the coins maintain high standards of quality while on its platform. Moreover, the report helps to streamline the industry prevent scam cases and further on protect its clients.
Factors that Led to Delisting
The main factors that lead to the coins been delisted are;
- Quality and level of development
- Commitment of team to project
- Level of public communication and activity
- Network/ smart contract stability
- Evidence of unethical/fraudulent conduct
- Responsiveness to our periodic due diligence
- Contribution to a healthy and sustainable crypto ecosystem
According to reports doing rounds online, Iconomi (ICN) is being delisted from Binance after it recently announced that it would convert its coin into an eICN equity token.
Furthermore, under eICN the token also becomes a security token and currently it is illegal to list such a token. Further on as we turn our attention to Trigger coin (TRIG) according to Binance list of factors, TRIG is underperforming on network and smart contract stability. Moreover, TRIG is a coin that is based on the gun industry and since its inception has been facing a lot of problems. Besides Binance been the recent platform to delist TRIG the coin was already delisted on Bittrex platform.
On the other hand, Chat coin was delisted because of its level of public communication and activity become wanting. For some time now their social media accounts had been inactive until recently when they become active. On the final coin Bytecoin, Binance narrowed to unethical/fraudulent conduct as the reason. From 2013 Bytecoin has been facing a lot of issues with its coin. For instance, after creating its currency Bytecoin was accused of having 82% of its coins premined. Furthermore, its founders and developers are unknown to the public.
Following its comprehensive investigation, Binance decided to delist the four coins above. With that said Binance is acting in its legal mandate to protect its consumers.