Binance Delists 5 Coins

Binance Announces Delisting of 5 Digital Coins

Binance recently made an announcement about delisting five digital assets in the upcoming days. Trading activities for these 5 coins will cease on 22nd February at 10:00AM (UTC).

The five coins are as follows –

  1. Modum (MOD)
  2. SALT (SALT)
  3. Substratum (SUB)
  4. Wings (WINGS)
  5. CloakCoin (CLOAK)

Why Binance Delisting These Coins?

There’s no denying that Binance has a strict scrutiny process that reviews each and every digital asset on the exchange. Moreover, delisting is carried for the coins which are not meeting Binance criteria. Further, cryptocurrency traders on the platform are rendering ample notice to incorporate the necessary changes.

The official site of Binance cites the following reasons as reasons for delisting these digital assets –

  • Engagement of the team to project
  • Quality and level of development activity
  • Stability in network and smart contract
  • Quality of public communication
  • Responsiveness to the periodic due diligence requests
  • Evidence of unethical conduct
  • Contribution to a sustainable crypto ecosystem

Withdrawals to Continue by May 22, 2019

Additionally, the leading cryptocurrency exchange will eliminate all orders linked to the 5 cryptocurrencies from 22nd February at 10:00AM (UTC).

Traders holding the affected coins can withdraw their assets until 22nd May. Last October, Binance delisted TRIG, Iconomi (ICN), CHAT and Bytecoin (BCN) citing similar reasons.

Binance not the Sole Exchange to Delist Digital Assets

The 3rd and 4th quarters of 2018 found many exchanges delisting several digital coins owing to a variety of reasons like low liquidity and lack of development progress from the teams responsible.

In December 2018, Huobi too had placed 32 digital assets on probation owing to insufficient trade volume. KuCoin too delisted 10 coins in the same month due to the same reasons outlined by Binance.