Binance, the largest crypto exchange by traded volume, announced Friday that it has decided to delist and cease trading of five tokens – CloakCoin, Modum, SALT, Substratum and Wings.
Binance says that it periodically reviews projects to ensure that they “continue to meet the high level of standard.” According to Binance, the delisted projects no longer fulfill the necessary standard after conducting the recent reviews. The tokens will be delisted on Feb. 22 at 10 a.m. UTC. Withdrawals of the coins will be supported for another three months after the coins are delisted.
When a coin or token no longer meets this standard, or the industry changes, the team conduct a more in-depth review and potentially delist it. That is Binance’s goal and believe this best protects all of our users.
When the team conducts these reviews, they consider a variety of factors. Here are some that drive whether the exchange will decide to delist a digital asset:
- The commitment of team to project
- Level and quality of development activity
- Network / smart contract stability
- Level of public communication
- Responsiveness to our periodic due diligence requests
- Evidence of unethical / fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem
In November, it was uncovered that the SEC was investigating SALT Lending and issued a subpoena in February. The SEC was looking into whether SALT’s ICO was an unregistered securities offering and also into how the firm spent the raised funds. According to CoinMarketCap, approximately 80 percent of SALT’s liquidity came from Binance in the last 24 hours.