All Bytecoin (BCN) trading pairs have been delisted on another large crypto-asset exchange – Malta-based OKEx – following delisting on Binance only a few days ago. Bytecoin tokens must be removed from the exchange by 1 November.
An October 12 press release stated that “the project has been exposed to a critical technical issue that has been left unhandled”, explaining the delisting. A further comment implied that that Bytecoin is a “substandard project”.
OKEx’s reasoning was only slightly more specific than Binance’s press release, which enumerated several criteria for a digital asset being delisted, including lack of team commitment, lack of quality of development, lack of stability, lack of responsiveness to Binance, evidence of fraudulent activity, etc.
Binance delisted four coins at once, whereas OKEx has only delisted Bytecoin. There is still little clarity on why exactly Binance and OKEx have delisted the coin.
A reddit post of the official Bytecoin developer account, a few days ago, made vague claims that the team was in talks with Binance about resuming trading.
Critical Technical Issue
Bytecoin has a chequered past when it comes to technical issues and suspensions on exchanges. Earlier this year on Binance, deposits and withdrawals were suspended due to “network issues”. Tracking of the coin was also briefly suspended at that time on the popular coinmarketcap tracking website, whie some have alleged that the Bytecoin team and its practices are questionable.
In addition to the recent delistings, Bytecoin was delisted over a year ago from the New Zealand-based Cryptopia exchange. Cryptopia’s reasoning for the delisting was that many users were incorrectly sending, and thus losing, their coins while sending them to the exchange, creating a situation of “unpleasant overhead” for the exchange’s customer support.
OKEx has its own problems
OKEx has itself experienced some turmoil recently, facing accusations that the majority of its trading volume consists of fake wash trading: a “process whereby a trader buys and sells a [position] for the express purpose of feeding misleading information to the market” (Investopedia).
Bytecoin is a privacy focussed cryptocurrency launched in 2013, using the CryptoNote algorithm. The very popular privacy coin (XMR) is a fork of Bytecoin.