The ByteCoin community is up in arms over their current situation on leading exchange Binance.
After Binance announced on October 9, 2018 that ByteCoin (BCN) will be removed from their exchange, the community has been trying their hardest to get the cryptocurrency to be relisted.
From the BCN_official reddit account, the developers’ post says:
Dear community, We'd like to clarify the situation with Binance. We are in the process of active communication with the Binance representatives about the delisting situation. Bytecoin should proceed its trading on Binance without any issues, and we are trying to come to an agreement as soon as possible. For now any detailed communication with the Binance can't be disclosed for privacy reasons.We will keep you updated during the day. Thank you for your patience.
This situation shows how exchange listings are a complicated process. Although there’s no confirmation as to why BCN was delisted, Binance does provide certain requirements for staying on their exchange:
“For public transparency, we would like to disclose some factors that inform our decision to delist digital assets:
- Commitment of team to project
- Quality and level of development activity
- Network / smart contract stability
- Level of public communication and activity
- Responsiveness to our periodic due diligence
- Evidence of unethical / fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem”
What is Bytecoin?
ByteCoin is a privacy-focused CryptoNote cryptocurrency. Created in 2013, CryptoNote is the same technology that powers Monero, AEON, and many other privacy coins.
ByteCoin has recently been under fire fromthe cryptocurrency community, with some in the community challenging the coin’s legitimacy.
When BCN was originally listed on Binance, BCN surged 165%. Despite this massive price movement, users weren’t able to get their funds onto the exchange because the network was jammed. Those who managed to get their coins on the exchange couldn’t sell however, because Binance itself was overloaded. CryptoGlobe recently reported that after Binance’s announcement, the price of BCN dropped 15%.
Following Binance’s announcement of the delisting, the price of BCN dropped by over 15%.
The ByteCoin community was not happy about the Binance situation.
Here are some of their responses on Reddit:
5 months ago they add it, pump it, service outage and dump it, then they delist it. This hurts alot of people and the way Binance approached this is sheer garbage
Bytecoin exist prior Binance. It's just a step back, but in the last year they made many steps ahead. I am surprised with Binance decision. Bytecoin team is actively developing the coin and network. Their support is great. They are really trying to move things ahead. Without announcing the reason for delisting the BCN it's just pump/dump strategy from Binance.
Basically BCN team threatening lawsuit if they de-list. Binance doesn't care because (a) it can just return the 2 million BCN paid and be ok legally, and (b) they have so much money that it doesn't matter if they lose a few, and (c) Binance operates in Malta so good luck with Bytecoin going after them.
BCN is currently trading at 26 satoshis. Trading is available on Binance until October 12, 2018. After delisting, it will still be available on Poloniex and HitBTC.