In an effort to protect its users, cryptocurrency exchange Binance announced that it would delisting four cryptocurrency tokens from its platform, effective Oct. 12.
On its website, Binance said it has decided to delist Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). Though the altcoins will be officially delisted on Friday at 10 a.m. UTC, customers still have until Nov. 12 to withdraw these coins and tokens from the crypto exchange.
According to Binance, the four coins failed to “maintain a high standard of quality.” The crypto exchange took into consideration several factors, which resulted in the removal of the digital assets. These include the team’s commitment to the project, quality and level of development activity, network or smart contract stability, level of public communication and activity, responsiveness to Binance’s periodic due diligence, evidence of unethical or fraudulent conduct, and contribution to a healthy and sustainable crypto ecosystem.
“Going forward, we remain committed to protecting our users and all Binance stakeholders and will continue to perform periodic reviews of all listed coins and tokens,” the crypto exchange stated.
Since the announcement, the prices of the currencies have dropped drastically. BCN, in particular, saw its prices drop by over 15%.
The news comes on the heels of Binance’s announcement that it would be donating all the fees it collects from listing new cryptocurrencies to charities. The new policy is expected to take effect immediately, and the crypto exchange hopes the donation will be used for “greater good.”
Binance said it “will continue to use the same high standard for the listing review process,” noting that “a large donation does not guarantee or in any way influence the outcome of our listing review process.” The new policy applies to any new applications, as well as those that have already been submitting and which are waiting for approval.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.