Citing issues relating to support, viability and maintenance, the Koinex crypto exchange has decided to delist a number of crypto tokens from its platform.
Exchanges Delist Tokens Which no Longer Interest the Investors.
The crypto mania of 2017 saw several new digital tokens entering the crypto market with their unique value propositions. Besides, crypto exchanges were also eager to list these new tokens citing massive interest from the retail investors.
However, things have changed over the past eighteen months during the crypto winter and massive meltdown in market valuations. Investors have become picky and are more aware of the choices they make. Thus, in this crackdown, crypto exchanges have started delisting a few crypto tokens which no longer interest the investors.
Koinex Delisting A Major Coins
Starting today, India-based cryptocurrency exchange Koinex has started delisting a few crypto tokens, as it is no longer viable for the exchange to support and maintain them.
After yesterday’s deadline of June 3rd, Koinex has delisted a total of seven cryptocurrencies which include Achain [ACT], Bitcoin Cash SV [BCHSV], CyberMiles [CMT], GAS [GAS], Nano [XRB], NEO [NEO] and Zcoin [XZC].
There are a number of technical as well as commercial reasons behind this delisting that Koinex explains.
- The frequent node downtimes with some of the cryptocurrencies have created several issues for deposits and withdrawals.
- Last year, the Indian government asked to cut-off their ties with all the local crypto exchanges. This has resulted in fewer fiat deposits while drying up volumes. Koinex notes that the lack of volumes has resulted in lower liquidity for trading activities.
- Increasing concerns expressed by the users regarding long trading wait times for these tokens.
- Moreover, the constant drop and lack of community support in the last 12 months have caused the exchange to initiate these actions.
Bitcoin Cash SV Doesn’t Meet Community Standards
However, the above reasons suite most of the crypto tokens, the reason to delist Bitcoin Cash SV [BCHSV] is totally different. Koinex notes that BCHSV no longer meets its community standards as it joins Binance, Kraken and other global exchanges for the ‘#delistBSV movement’.
Some of the reasons behind the delisting of BCHSV are:
- Progress in the developmental activities
- Responsiveness of the team behind the project
- Evidence of malicious practices
- Network Stability and Smart Contracts
- Official Announcements by the BCHSV team
Just like Koinex, the Bittrex Exchange will be delisting tokens ahead this week. Bittrex plans to delist NeosCoin (NEOS), Lunyr (LUN), HempCoin (THC), and Tokes (TKS).
Bhushan writes for major crypto news outlets like Bitcoinist.com, Coinspeaker.com and WorldCoinIndex.com. He is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets.
