Binance, the world’s largest cryptocurrency exchange by trading volume, announced in its latest announcement that it will delist 3 altcoins. Here are the details…
- 1 Binance removes 3 altcoins from the exchange
- 2 Features of delisted coins
- 3 Why is Binance delisting these coins?
- 4 Share this:
Binance removes 3 altcoins from the exchange
Based on their latest reviews, Binance has announced that it has decided to remove trading on all trading pairs for Groestlcoin (GRS), Nebulas (NAS), and GoChain (GO) coins. The fully removed trading pairs will be GRS/BTC, NAS/BTC, NAS/ETH, and GO/BTC. For these pairs, trading will be stopped on July 8th, 12 PM UK time. All trade orders will be automatically removed after trading stops on each respective trading pair. These tokens will not be deposited into accounts after July 9, 2022. The withdrawal process for these coins will continue to be supported until October 9.
Features of delisted coins
So, what are the features/purposes of the delisted coins? In the list below you can find some information about these projects:
- Groestlcoin (GRS): Groestlcoin is a proof-of-work cryptocurrency created in 2014. It is designed for daily use. Unlike Bitcoin’s ten-minute block time, the average block time is one minute. It also has a limited maximum supply of 105 million tokens. The main idea behind Groestlcoin is to create an electronic payment model based entirely on mathematical proof. Despite the Delist news, it rose by more than 20 percent.
- Nebulas (NAS): Nebulas describes itself as an autonomous fortitude focused on on-chain data, interactions, and collaboration. Hyper-mapped structural metadata is reportedly able to process increasingly complex on-chain data and describe these interactions. At the time of writing, it has dropped by as much as 15 percent.
- GoChain (GO): The GoChain (GO) platform uses a proof-of-reputation consensus model that can take into account the reputation of all network participants. Said to be fully compatible with existing Ethereum wallets, smart contracts and other tools, GoChain aims to enable developers to deploy decentralized applications on a network with higher energy efficiency than Bitcoin or Ethereum. Despite the Delist news, it’s currently up 25 percent.
Why is Binance delisting these coins?
Binance provided details on this process in its delist statement. The exchange stated that each asset is periodically reviewed to ensure that the projects continue to meet the expected standard. Considering that a coin cannot meet the said standard, the probability of entering the delist process increases. Some of the factors that Binance considers are as follows:
- The team’s commitment to the project
- Level and quality of development activity
- Trading volume and liquidity
- The stability and security of the network against attacks
- Network / smart contract stability
- Public communication level
- Responding to a periodic due diligence request
- Unethical/dishonest behavior or negligence
- Lack of contribution to a healthy and sustainable crypto ecosystem
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