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Binance Announces Delisting of Bytecoin And Three Other Altcoins

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Bytecoin

Binance, the world’s largest crypto exchange by trading volume, has recently announced its plans to delist multiple altcoins. According to the announcement, Binance will remove Bytecoin (BCN), Iconomi (ICN), ChatCoin (CHAT), and Triggers (TRIG) on October 12th.

Even Bytecoin (BCN) got delisted

Binance’s announcement to remove multiple altcoins from its platform came as a surprise to a lot of investors. Their choice of cryptos to delist was also unexpected, especially when it comes to Bytecoin. BCN has managed to achieve the rank of 23rd on CoinMarketCap’s list of largest cryptos prior to the announcement. Despite the fact that it never reached the top 10, even delisting a coin located within the top 50 is a rare occurrence.

Needless to say, all of the mentioned coins suffered great losses after the announcement was published. Even Bytecoin itself dropped to the 30th position on CoinMarketCap. In the last 24 hours, BCN has lost around 4.69 percent of its value, with its current price being $0.001719 per coin. While this situation is not especially good for Bytecoin, there are signs of its drop slowing down. In the first 24 hours after the announcement, the coin has been dropping by almost 20%, which was significantly worse than the current 4.69%.

What does Binance say happened?

According to Binance, the reason behind the decision is simple. The exchange takes pride in offering only the best digital assets for its customers. As such, it needs to keep track of different coins and their quality. The high quality is one of the key aspects that the coin has to possess to even reach Binance’s list. However, as the crypto market continues to change and evolve, some coins eventually lose the ability to keep up.

This is what Binance claims to have happened to the four altcoins that it plans to delist. Its team now believes that the coins are no longer good enough to be called the best. Of course, the exchange conducted a deep inspection of the coins prior to taking any action or announcing their removal.

Furthermore, Binance team also disclosed what criteria is used to determine whether the coin is suitable for remaining on the list. This includes the stability of its smart contracts and network, the coin team’s commitment to their project, as well as the project’s contribution to creating a sustainable and healthy ecosystem. Additionally, there are also things like the quality of the latest development regarding the coin, level of public activity and communication, the team’s responsiveness, and especially any evidence of fraudulent or unethical conduct.

Binance turning over a new leaf

Clearly, the four altcoins currently listed on Binance did not satisfy these criteria. As a result, Binance will delist TRIG, CHAT, ICN, and BCN by 10:00 AM (UTC) on 12 October 2018. Since the decision came suddenly, the exchange decided to allow these coins’ withdrawal until 10:00 AM (UTC) on 12 November 2018.

As mentioned, Bytecoin has already suffered significant losses following the decision, but the same is true for the other three altcoins. Many see this move as Binance’s way to change focus from its own growth to the quality of its content.

After all, Binance did put a lot of work into its expansion over the last year, and it even managed to outgrow Coinbase, at least when it comes to trading volume. One of the largest reasons behind such a rapid growth was the high diversity regarding the offered digital coins on Binance’s platform. However, Binance also introduced some rather high listing fees, which also attracted a lot of negativity and criticism.

Now, Binance plans to remove several coins, which is seen by many as a way to keep the ecosystem healthy. Additionally, Binance also published another announcement, claiming that it will change their listing fee policy. The announcement claims that the new rules are already in place, and they include an increased level of transparency regarding the fees, as well as their donation to Blockchain Charity Foundation, Binanance’s own charity arm.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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