Why does binance let 4 currencies go offline at the same time?

Binance announced yesterday that it decided to remove the four currencies of Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG).

The specific arrangement is that the transaction will be stopped at 18:00 on October 12 and all transaction pairs related to 4 currencies will be released. The user can withdraw the cash before 18:00 on November 12, and then the cash withdrawal function will be closed.

As the world’s largest exchange, Binance exchange has always received a lot of attention on the shelves and the coins. Nowadays, in the bear market, the big move has been smashed into four currencies, which makes people think that these projects may have zero risk or There is a problem with the team’s operation.

Binance did not give any explanation for the specific reasons for the delisting of the four projects, but in the announcement released yesterday, binance coin news listed the factors that led them to delist the digital assets from their platforms.

Prior to this, binance announced that it would donate all of its listing expenses to charities. Coupled with the currency, these actions seem to be a company that is doing its utmost to protect users. Smart companies focus on long-term interests and don’t mind sacrificing short-term benefits.

Once the announcement was issued, all four projects suffered a price drop. Here is a summary of the reasons why Xiaobian is here to sort out the currency of the binance.

1, Bytecoin (BCN)

Potential cause: Evidence of unethical/fraudulent behavior.

Knowing this project, Bytecoin can be traced back to 2013, and the project was accused of 82% of the presets during development. And many times, the developers and founders are anonymous, which makes users feel uncomfortable.

2, ChatCoin (CHAT)

Potential causes: public communication and activity levels

At the end of June, Xiaobian found that the CHAT official website had a grammatical error, and it didn’t look like someone was doing update management. Until the end of August, the site finally got a little bit of movement and started to update.

This morning, CHAT officially announced that they claimed that they had not received any reason from the Binance team.

3, Triggers (TRIG)

Potential Cause: Network/Smart Contract Stability

TRIG is an interesting project. It is based on the gun industry. It plans to release the main network. At present, it is impossible to confirm the reason for delisting, but some problems have been found in the official launch of the project.

As early as January 2018, Bittrex deferred TRIG for some reason.

In fact, when the project team was asked about the issue of delisting, they believed that they would not be removed from Binance. However, because the project is not compatible with ERC20, and binance follows Bittrex, it may lead to delisting due to this technical reason.

Investors interested in this project can pay attention to whether the project will be re-listed after the main network is replaced by TrigX in the fourth quarter.

4, Iconomi (ICN)

Potential cause: Become a security token

ICN coin delisting is at ICN to announce that they will convert to eICN equity tokens. This equity token is also a security token, and most exchanges currently do not provide legal transactions.

Since many ICO projects have been declared securities by the US Securities and Exchange Commission (SEC), more exchanges will delist such projects in the future.