Binance recently announced that it will delist five digital assets in the upcoming days. Trading activities for these coins will cease on 22nd February at 10: 00 AM (UTC). The five coins are as follows:
- Modum(MOD)
- SALT(SALT)
- Substratum(SUB)
- Wings(WINGS)
- CloakCoin(CLOAK)
Why is Binance Delisting these Coins?
Binance has a strict scrutiny process which reviews each digital asset on the exchange. Further, delisting is carried for coins not meeting the criteria. Moreover, crypto traders on the platform are giving ample notice to incorporate the changes.
Binance’s official site cites the following reasons for delisting a digital asset.
- Commitment of the 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
Withdrawals to Continue till 22nd May, 2019
In addition, the leading exchange will remove all orders associated with the 5 cryptocurrencies on 22nd February at 10: 00 AM (UTC). Traders holding the affected coins can withdraw their assets until 22nd May. Last October, Binance delisted Bytecoin (BCN), CHAT, Iconomi (ICN) and TRIG citing similar reasons.
Binance not the Sole Exchange to Delist Cryptos
The third and fourth quarters of 2018 found many exchanges delisting several coins due to a variety of reasons such as low liquidity and lack of development progress from the teams responsible. In December, Huobi had placed 32 digital assets on probation due to insufficient trade volume. KuCoin also delisted 10 digital assets in the same month due to reasons similar to those outlined by Binance.
