Cryptocurrency giant Binance announced that it will no longer provide support for the trading of four cryptocurrency tokens: Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). The company took this decision to safeguard the users as they believe that these tokens do not comply with their quality standards. Binance has stated that these tokens will continue to be available for trade till Friday, the 12th of October. While trading will stop post that, users can still withdraw them from the exchange till the 12th of November.
Cryptocurrency exchanges tend to delist cryptocurrencies that they believe are not safe for their users to invest in - or do not match up to their quality standards. To safeguard user interest, cryptocurrency exchanges take such moves from time to time. Binance announced on their support page that:
"In order to protect our users, the Binance team conducts comprehensive and periodic reviews of each digital asset listed on our platform to ensure projects maintain a high standard of quality. In the event a coin or token falls below this quality standard, it will be subject to further review and potentially delisted."
While Binance has not stated the exact reason as to why they delisted these cryptocurrencies, the company revealed the factors that they take into account before listing or delisting any cryptocurrency from their platform. These factors were:
Commitment of team to project
Quality and level of development activity
Network / smart contract stability
Level of public communication and activity
Responsiveness to our periodic due diligence
Evidence of unethical / fraudulent conduct
Contribution to a healthy and sustainable crypto ecosystem
This announcement from Binance was followed by another statement in the same page, where the cryptocurrency exchange stated that it will continue to perform periodic reviews of cryptocurrencies listed on their platform - making sure that Binance is a safe space for all cryptocurrency traders and that only the most credible and safest of assets are listed on to their platform.
Earlier this week, Binance had announced a major change in their listing fees policy. The exchange announced that moving forward, they are going to make their listing fees transparent - and that 100% of the listing fees would be donated to charitable causes. Listing fees is the price that cryptocurrency exchanges charge to a cryptocurrency or a cryptocurrency token to get listed on their platform. The company stated:
"Project teams will still propose the number they would like to provide for a “listing fee,” or now more appropriately called a “donation.” Binance will not dictate a number, nor is there a minimum required listing fee."
Binance has been working towards charitable causes for quite some time now. Earlier this summer, it started off the Blockchain Charity Foundation (BCF). This announcement of donating 100% of listing fees marks another step in that direction. In March 2018, a report revealed that cryptocurrency exchanges are charging anywhere between $50,000 to $1 Million for ICO tokens to get listed on their platform. The bigger the exchange is, the more fees they charge. However the announcement of donation for charitable causes is a great step from Binance.