Giant Bitcoin and cryptocurrency exchange Binance is delisting 5 altcoin projects. The exchange announced that it will remove BCD, CND, MTH, NCASH and YOYO from its platform. After the Delist news, altcoin prices crashed.
Giant Bitcoin exchange Binance is delisting 5 altcoin projects!
Leading Bitcoin and cryptocurrency exchange Binance is delisting 5 altcoin projects. The stock market made the following statement on the subject:
At Binance, we periodically review every coin we list to ensure it continues to meet the high standard we expect. When a coin or token no longer meets this standard or the industry changes, we do a more in-depth review and potentially remove it from the list. We believe this best protects all of our users. We take several factors into account when conducting these reviews. Based on our most recent reviews, we have decided to remove and discontinue trading on all trading pairs for the following tokens on 08/03/2022: Bitcoin Diamond (BCD), Cindicator (CND), Monetha (MTH), Nitro Network (NCASH) and YOYOW (YOYO). Risk warning: Cryptocurrency trading is subject to high market risk. Please do your transactions carefully. Binance will do its best to select high-quality cryptocurrencies, but will not be liable for your trading losses.
In the continuation of Binance statements, he drew attention to important details about the delisted cryptocurrencies:
The full trading pairs that have been removed are: BCD/BTC, CND/BTC, MTH/BTC, NCASH/ETH, and YOYO/BTC.
All trade orders will be automatically removed after trading stops on each respective trading pair.
To view your assets after trading has stopped, please make sure you do not select “Hide small assets” on your Funds page.
These tokens will not be credited to your account after 09.03.2022.
The withdrawal of these cryptocurrencies and altcoin projects from Binance will continue to be supported until 09.06.2022.
Why did Binance delist these cryptocurrencies?
Binance also explained why it delisted these altcoin projects and listed the factors it took into account in the evaluation:
The team’s commitment to the project
Level and quality of development activity
Trading volume and liquidity
Network stability and security against attacks
Network/smart contract stability
Public communication level
Respond to our periodic due diligence requests
Evidence of unethical/dishonest behavior or negligence.
Contribution to a healthy and sustainable crypto ecosystem
Altcoin prices suddenly dropped with the delist news of Binance
With the delist news of Binance, altcoin prices suddenly dropped. Cindicator (CND) fell 30 percent, Nitro Network (NCASH) fell 22 percent and YOYOW (YOYO) fell 25 percent. Monetha (MTH) and Bitcoin Diamond (BCD) are also trading on the redboard at the time of writing.