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Binance Announces Delisting of Bytecoin And Three Other Altcoins

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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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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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