Binance to Delist Five Tokens/Coins This Week

Binance, world’s number one cryptocurrency trading exchange has announced through its official twitter handle and support platform that it will be delisting five coins this week.

The to-be delisted coins include: CloakCoin (CLOAK), SALT, WINGS, Modum (MOD) and Substratum (SUB). A note by the exchange reads:

We periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all of our users.

The exchange goes on to give some reasons for possible removal such as; a ‘lack of commitment to the project’ and ‘level of public communication’ by the teams of these coin projects. Other factors include: lack of quality development activity, network or smart contract instability, non-responsiveness to periodic due diligence requests, fraudulent/unethical conducts, lack of contribution to a healthy and sustainable crypto ecosystem.

At this time of publication, the to-be delisted coins have all seen massive sell-offs and corresponding dips in prices, a possible effect of the Binance announcement with SALT down 11% in 24 hours, SUB (25%), Modum (26%), Wings (12%) and CloakCoin (17%).

The coins will cease trading on the Binance platform and will finally be delisted on February 22nd, 2019 at exactly 10am UTC, while a grace period for complete withdrawals of these coins and tokens will extend until 2019/05/22.

Some sources have also attributed this Binance delisting to involvement in pump and dump schemes by the coin projects and the probe of the SALT and Substratum ICOs by the U.S. SEC, others like Modum are said to have deviated or been inconsistent with keeping the coin’s basics/products.

Binance on its part would continue to remove shitcoin projects which fail to deliver on customer expectations or further development in the space.

Do you hold any of these coins? What are your thoughts on this?

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CryptoEnthusiast, CryptoEducator, Angel Investor, Writing Pro and Techie