Losses in Bytecoin and other cryptoactives when removed from Binance
On 10/9/2018, Binance has announced that it will eliminate Bytecoin (BCN), Iconomi (ICN), ChatCoin (CHAT) and Triggers (TRIG) from its list. The price of all these cryptoactives has been affected, with BCN, which is in the top 100 market capitalization, being more representative.
According to a press release, Binance maintains a constant quality control of the cryptoactives listed on its platform. Thus, among the reasons that the change house uses to eliminate BCN, ICN, CHAT and TRIG are the lack of commitment from team to project, the quality and level of development activity and the stability of the network or the smart contract.
In the same way, other reasons are the level of public communication and activity, Binance’s capacity to respond to surveillance and the existence of evidence of unethical or fraudulent behavior. From October 12 at 10:00 a.m. (UTC) the measure will take effect. The exchange office undertook to continue carrying out periodic evaluations of all the cryptoactives listed on its platform, in order to “protect users”. Although they are quite delicate accusations, Binance did not specify which cryptoactive committed each infraction, so the reputation of these cryptocurrencies and tokens could be affected.
In fact, they have already registered a decrease in their price at the time of writing this article. Bytecoin (BCN), which is ranked number 30 in the cryptocurrency ranking, has fallen by 22% in the last 24 hours according to CoinMarketCap. Iconomi (ICN), which in its ICO raised ten million dollars, has dropped more than 8%. ChatCoin (CHAT) registers a fall of 22% and Triggers (TRIG) one of almost 39%.
The quotation of cryptoactives in exchange houses is a very controversial issue. In fact, in the month of August, the founder of Expanse accused the Binance team of having asked for a large amount of money to include the cryptocurrency in the list. Through Twitter, the founder said he would refuse to pay 400 BTC for entering the list and spread the fact with humor.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.