Binance has announced that it will be delisting five digital assets in the next few days. All trading activities of the coins will cease on the 22nd of this month at 10 am (UTC). The five affected coins are as follows.
- CloakCoin (CLOAK)
- Modum (MOD)
- SALT (SALT)
- Substratum (SUB)
- Wings (WINGS)
Reasons For Delisting
Binance constantly reviews each digital asset on its exchange. Those that do not meet a set list of criteria are delisted . Crypto traders on the platform are given adequate notice to adjust to the changes.
The team at Binance decides to delist a digital asset when the following is not met.
- Commitment of the team to project
- Level and quality of development activity
- Network / smart contract stability
- Level of public communication
- Responsiveness to our periodic due diligence requests
- Evidence of unethical / fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem
Withdrawals to Continue till 22nd May, 2019
All orders associated with the 5 cryptocurrencies will be automatically removed on the 22nd of February at 10 am (UTC). Traders who hold the five affected coins have until the 22nd of May to withdraw their digital assets out of Binance.
Most Recent Delistings by Binance
The five aforementioned coins are the first batch delisted by Binance this year. Last October, Binance delisted Bytecoin (BCN), CHAT, Iconomi (ICN) and TRIG due to similar reasons.
Delistings Not Limited to Binance
The third and fourth quarters of 2018 found many exchanges delisting several coins due to a variety of reasons such as low liquidity and lack of development progress from the teams responsible. In December, Huobi had placed 32 digital assets on probation due to insufficient trade volume. KuCoin also delisted 10 digital assets in the same month due to reasons similar to those outlined by Binance.
What are your thoughts on Binance delisting the 5 digital assets of CLOAK, MOD, SALT, SUB and WINGS? Please let us know in the comment section below.
[Image courtesy of Unsplash.com]
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
