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The outcome of Binance delisting CLOAK, LOD, SALT, SUB and WINGS, in tandem with its practice of maintaining industry standard.

With this development, the affected coins will no longer be available to users on the Binance trading and exchange platform.

You may have heard about Binance before and already know what they are all about. Well, in case you do not know yet, Binance is a global cryptocurrency exchange platform where you can trade over 100 cryptocurrencies. It is no doubt, the strongest and most reputable exchange in the world.

As already mentioned, there are over 100 cryptocurrencies listed on the exchange. However, Binance has decided to delist the above-listed coins with effect from 22 February 2019. But why are they delisting altcoins that they already listed on their exchange? The reasons for this are not farfetched.

According to the information released by the Binance support team, the site conducts regular reviews of the coins listed on their site to ensure they still maintain industry standard and continue to serve their ideal purposes.

Binance has some criteria for gauging and accepting each coin on their exchange and these include:

  • How committed the team is to the project
  • Stability of their network/smart contract
  • How much they add to making the crypto ecosystem both healthy and sustainable
  • The level and quality of their development activity
  • How fast they respond to due diligence requests Binance makes to them occasionally
  • Confirmation of their involvement in fraudulent or unethical conduct
  • How much they communicate with the public.

Binance does not joke with its integrity and when any of the coins listed on its platform loses credibility for any reason, they are usually removed without a second thought. This is one of the reasons why the site has continued to maintain its top position among crypto exchanges.

CloakCoin (CLOAK)

What’s CloakCoin? CLOAK is a Digital currency, launched in 2014. It provides a system, which empowers secure and private financial transactions anywhere in the world.

CloakCoin’s Project Manager has so far responded to the news with a rude shock. Informing the ClockCoin community on their official blog, he was emotionally shocked and that it was a harder hit for him because he had very strongly identified himself with the project.

According to his statement:

unsubstantiated and incomprehensible message tarnishes CloakCoin’s reputation in a negative way.”

What baffled him most was the fact that CloakCoin was a project verified by V-label on Binance Info.

Price Point of View

As we can see below, the token price dropped drastically after the announcement.

In the image below we identified possible supports for CLOAK’s price, considering the past price movements and resistances/supports created.

The closest support is the one where the price just stopped, around 15.740 Satoshis, breaking that one we could see the price go further down towards 8.000 Satoshis range

Modum (MOD)

What’s Modum? Modum is the next generation supply chain automation and intelligence, powered by Blockchain. Modum was launched in the year 2016, based in Zurich, Switzerland and it aims to improve methodologies used within supply chains.

Responding on its official Twitter handle, Modum simply informed its followers with the following message:

Modum’s twitter followers have expressed their displeasure at the manner the company was handling the information without carrying them along, wondering why it took so long to divulge the information to them.

Responding further on their twitter handle, Modum’s team stated that:

“Binance was not available for a statement today – we are still waiting for their reply.”

Price Point of View

As we can see below, the token price dropped drastically after the announcement.

In the image below we identified possible supports for MOD’s price, considering the past price movements and resistances/supports created.

In regards to Modum the last support we could identify was broken and at today we cannot have an estimate of the next one, as you can notice above.

SALT (SALT)

What’s SALT? SALT, an Ethereum token, used to gain membership to the SALT Lending platform, which provides Blockchain-backed loans. And allows users to put their assets up as collateral, without need of credit checks.

SALT CEO Bill Sinclair, on the other hand, responded on the official blog and denied ever receiving any “information requests or opportunity to refute the inferences in Binance’s announcements.”

He noted that what Binance had done was creating false negative implications since Binance did not make any specific allegation against SALT.

He reaffirmed SALT’s commitments to their customers, products and the blockchain industry, noting that Binance had “acted irresponsibly” in insinuating that any of the allegations levelled against them was true.

Price Point of View

As we can see below, the token price dropped drastically after the announcement.

In the image below we identified possible supports for SALT’s price, considering the past price movements and resistances/supports created.

The argument is the same as for Modum, all supports were broken and it’s impossible to understand were the price can form support and start a rebound.

Substratum (SUB)

What’s Substratum? Substratum is creating an open-source foundation for a decentralized web which will provide unrestricted access to content and sharing of information for users across the globe.

Substratum had earlier informed their followers on their Twitter handle @SubstratumNet as follows:

As stated by Justin Tabb, CEO & Co-Funder of Substratum:

This decision came as a surprise, with no advance warning.  We are terribly disappointed in the decision and their handling of the delisting.

His main concern came from the absence of clarifications from Binance prior to its decision to proceed with the announcement. He further sated that:

  • We were not questioned regarding any issue(s) to make sure the issue(s) is factual before making this decision.
  • We were not given an opportunity to clear up any real/perceived issue(s), such as a probationary status or deadline to fix.
  • We were not given any conditions for relisting.

Price Point of View

As we can see below, the token price dropped drastically after the announcement.

In the image below we identified possible supports for SUB’s price, considering the past price movements and resistances/supports created.

SUB’s price also broken all resistances adventuring in unexplored lows where it’s impossible for us to make an estimate.

WINGS (WINGS)

What’s WINGS Platform? WINGS is a platform in the form of a DAO (decentralized autonomous organization) providing infrastructure for the creation of the start-ups in the form of DAO using its own tools.

Wings Platform was shocked for the sudden Binance announcement, stating:

These news have saddened us, as WINGS has been listed since the early days of Binance. As all the required information by Binance was provided in a timely manner, and the Binance team has not reached out for additional information or clarifications, the delisting announcement was a big surprise for us.

WINGS informed their followers on their Twitter handle @wingsplatform as follows:

Price Point of View

As we can see below, the token price dropped drastically after the announcement.

In the image below we identified possible supports for CLOAK’s price, considering the past price movements and resistances/supports created.

Unfortunately WINGS also have broken the last recorded support and therefore we just have to wait for further price movements in order to assess further support zones. 

Conclusions

It is not clear whom to believe in this case of claims and counterclaims. Nonetheless, Binance is going ahead to delist them to maintain its own integrity and keep other coins on their toes.

Now we like to hear from you. Do you think Binance’s decision to delist those coins is a well thought out one? Please share your views using our comment section below.

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