The US-based popular cryptocurrency exchange Poloniex has announced that it is delisting 9 altcoins effective August 2, 2018. These are - FlorinCoin (FLO), FoldingCoin (FLDC) Vcash (XVC), Bitcrystals (BCY), Nexium (NXC), Radium (RADS), BlackCoin (BLK)PinkCoin (PINK), and Riecoin (RIC). The prices of these altcoins plunged anywhere between 20% to 80% following the news.

The reason to delist these 9 altcoins is that they either do not align with the Circle Asset Framework and/or exhibit limited trading volume for an extended duration of time. In February of this year, Circle, a Goldman Sachs-backed multi-currency money-sending app, had acquired Poloniex for USD 400 million. The Circle Asset Framework provides an approach to understanding each asset’s potential. The framework has five broad categories - fundamentals, technology, people, business model, and market dynamics - upon which the assets are scored to decide what will be listed on its exchange.

Poloniex has asked its customers to finalize all trades and close any positions in these 9 altcoins prior to August 2nd, 2018. Once delisted, customers will have 30 days (up to and including September 2nd, 2018) to withdraw any balances in these assets.  Poloniex will send an email to balance holders reminding them to withdraw their funds prior to this date.

The exchange is May also had delisted these 17 altcoins: BBR, BITS, C2, CURE, HZ, IOC, MYR, NOBL, NSR, QBK, QORA, QTL, RBY, SDC, UNITY, VOX, and XMG, without explanation.