Binance announced today that it will be delisting CLOAK, MOD, SALT, SUB, and WINGS from its trading platform, citing reasons ranging from "Commitment of the team to project" to "Fraudulent conduct." The move comes after the exchange's removal of BCN, CHAT, ICN, and TRIG last October, and may indicate a broader industry trend.
While Binance did not make specific comments about which of the above criteria were unmet for each token, recent news could suggest some of the underlying reasoning for the delistings.
SALT Lending, the issuer of SALT token, was subpoenaed by the United States Securities and Exchange Commission last November.
Substratum, a US-based project working on building a "Decentralized web," recently faced removal of its SUB token from the popular Exodus wallet due to "Errors" relating to the token's recent "Smart contract migration." Substratum has also missed several key milestones for its SubstratumNode software despite promises that it would be ready for release by the end of 2018.Impact of Delisting.
The gravity of a Binance delisting cannot be understated.
The majority of trading activity for CLOAK, MOD, SALT, SUB, and WINGS takes place on Binance.
Following the delisting, these projects will lose their primary source for trading volume, with Binance previously accounting for 50-95 percent of trading volumes for these tokens.
This trend of token delistings is not a new phenomenon.
In December 2018, Huobi placed 32 tokens into an "ST" category, citing "Insufficient trading volume" and "Investment risks to users." Among the 32 ST tokens were SALT and SUB-two tokens from Binance's delisting announcement.
In the same month, Kucoin placed MOD into its ST category and followed the action by delisting SUB in January of 2019.
Binance Removing CLOAK, MOD, SALT, SUB, and WINGS: Industry-Wide Delisting Trend
Publié le Feb 15, 2019
by Cryptoslate | Publié le Coinage
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