Giant Bitcoin and cryptocurrency exchange Binance is delisting an altcoin. The exchange announced that it will remove the COVER Protocol (COVER) from its platform. The altcoin price started falling with the announcement.
Binance is delisting an altcoin: COVER Protocol (COVER)!
Giant Bitcoin and cryptocurrency exchange Binance is delisting an altcoin. Bors made the following announcement on the subject via its official website:
At Binance, we periodically review every coin we list to ensure it continues to meet the high standard we expect. When a coin or token no longer meets this standard or the industry changes, we do a more in-depth review and potentially remove it from the list. We believe this best protects all of our users. Based on our latest reviews, we will delist and stop trading on all trading pairs for the COVER Protocol (COVER) on 09/24/2021. Please note: Binance will remove the following trading pairs: COVER/ETH and COVER/BUSD. On 09/22/2021, Binance will perform an automatic settlement and cancel all pending orders, and then remove the COVER/BUSD isolated margin trading pair from the list. All trade orders will be automatically removed after trading stops on each respective trading pair. To view your assets after trading has stopped, please make sure you do not select “Hide small assets” on your Funds page. COVER’s withdrawal from Binance will continue to be supported until 09/24/2021. After 09/24/2021 COVER deposits will not be credited to your account. The COVER team announced on 05.09.2021 that the RULER & COVER Protocol project was closed. Binance has actively reached out to the COVER team for more information and will post relevant updates in a separate announcement. Please refer to Binance’s official statements regarding any activity involving COVER or other third parties.
The altcoin price started falling with the announcement. At the time of writing, this downward trend continues.
Binance also explained why altcoin delisted
Binance also explained the delisting reason for the altcoin project. While making these reviews, the stock market takes various factors into consideration. Here are some of the factors that caused the exchange to decide to delist a coin:
- The team’s commitment to the project
- Level and quality of development activity
- Trading volume and liquidity
- Network stability and security against attacks
- Network/smart contract stability
- Public communication level
- Responding to periodic due diligence requests
- Evidence of unethical/dishonest behavior or negligence
- Contribution to a healthy and sustainable crypto ecosystem
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