4 cryptocurrencies removed from Binance platform…. for these reasons
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Answer 4 cryptocurrencies removed from Binance platform…. for these reasons
Yesterday, many were surprised after Binance announced the delisting of four cryptocurrencies (CHAT, ICN, BCN, and TRIG) without any prior notice.
Whether you are a speculator or an investor, removing your digital currency from one of the largest cryptocurrency exchanges is heartbreaking and bad, especially after the sharp decline in these currencies yesterday after the announcement was made.
Some ask about the appropriate step, whether it is to sell and stop loss or keep the coin, and to get the best answer, you should search for the reason for removing the coin from the Binance platform, and based on your analysis, you may reach the appropriate step.Read:NEO and Celer Network Partnership to Improve Decentralized Applications Ecosystem
Here, we will provide a point of view about these coins and some notes that may be the reason for their removal from the platform.
CHATCoin has the symbol CHAT
Anyone who knows the basics required by any good venture in the world of cryptocurrency will guess why CHAT has been delisted from Binance. Looking at the project, it is the main currency of Beechat, an instant messaging application based on the QTUM network blockchain.
This means that the company wants to compete with today’s technology giants such as Facebook, Telegram, WhatsApp and other applications dedicated to chat programs.
The role of the CHAT coin is confined to the Beechat app ecosystem, which makes its value limited and tied to app penetration. Looking at the ICO data, we find that 40 percent have been sold at this stage, and the rest of the CHAT will be sold in the market to increase their financial resources.
Now looking at the staff, there are no real pictures of the team members and general terms are used that don’t indicate their real personalities. Thus, the holder of the CHAT coin does not know who is behind this project, which is considered a negative sign in the project.Read:Elon Musk: Tesla will accept DOGE payments for its goods and services
Iconomi coin and symbol (ICN)
Iconomi Project is a service that allows anyone to create a digital asset management investment fund, the platform allows you to create an investment basket of different digital assets as well as allowing the user to invest with fund managers.
The role of the ICN coin within the platform is very limited, so the Iconomi team decided to replace the coin with Security Token It represents a real stake within the project similar to the shares, and a program was announced for its commitment to buy back the coins for those who do not want to convert the currency to the new security token (eICN).
Looking at Binance, it has moved to Malta with the goal of launching a trading platform specializing in security tokens, and there may be a potential conflict after converting the ICN to a security token.
Bytecoin and its symbol (BCN)
Looking at the BCN cryptocurrency, the team has already mined 90% of the total number of BCN cryptocurrencies, which may expose the coin to pump and dump operations.Read:Bitcoin in Arabic: The story of the Bitcoin price hike since the launch of the digital currency
Although the Bytecoin project was launched in 2014, the development of the technology is slow and does not match the project timeline.
In addition, half of the team is still anonymous, which may raise some doubts about the future of the currency or the possibility of manipulating its price.
Triggers coin and symbol (TRIG)
First look at the basics of the project seems to be deserted, there is no real community and the currency is targeting a very limited group and there is no kind of incentive to keep the currency.
Noting that it was delisted from Bittrex in a previous period and it seems that its delisting from Binance is the final blow to this project.
This is an example that despite the power of blockchain technology, it is not suitable for all industries or sectors.
It seems that cryptocurrency exchanges are starting to pay attention to the importance of projects and their questions about projects and development stages. It is an excellent move if exchanges are looking to protect users rather than get paid to add new cryptocurrencies.
The investor or speculator must do the appropriate research before purchasing any currency and get acquainted with the basics of the project so as not to suffer a heavy loss due to team manipulation or cancel the listing of the currency from one of the trading platforms.
In the end, this is not a recommendation to buy or sell, but it is just an opinion, knowing that we are not financial advisors, we always share our opinions only and no one should rely on anyone’s analysis completely, rely on yourself in the research. We wish you good luck!
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