OKEx Follows Binance In Delisting Bytecoin

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.

Crypto Rating Council Evaluates Three New Cryptocurrencies as Securities

  • The Crypto Rating Council has released securities ratings for IOTA, Basic Attention Token and USDCoin.
  • The CRC, backed by Coinbase, Kraken and other US crypto firms, supports regulation clarity for the industry.

The Crypto Rating Council (CRC) has evaluated IOTA, Brave's Basic Attention Token (BAT) and the USDC stablecoin over whether they should be classified as securities. 

The CRC, backed by Coinbase, Kraken and other exchanges, is a collection of major United States-based crypto firms established in September 2019. The group advocates for and promotes regulation clarity in the industry of cryptocurrency, including analyzing whether or not certain assets should be classified as securities. 

According to an April 2 post, the CRC released rating scores for IOTA, USDC and BAT, in addition to updating its rating for Maker and Polymath. The scale ranks from 1 to 5 with a lower score correlated to few or no characteristics consistent with treatment as a traditional security. 

BAT was given a rating of 2.00, with the council highlighting the coin’s utility as fully open-sourced and supporting the development and use of the Brave Browser. IOTA also scored 2.00, indicating that the currency is unlikely to be viewed as a security.

USDCoin, a stablecoin backed by Coinbase and Circle, was rated 1.00 by the council, consistent with other stable price-pegged coins such as DAI.  

While the CRC’s determinations have no official impact on the opinions of regulators such as the Securities & Exchange Commission (SEC), they do provide some insight to investors on the state of crypto-assets. 

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