Crypto exchange Binance delists 4 altcoins

In an effort to protect its users, cryptocurrency exchange Binance announced that it would delisting four cryptocurrency tokens from its platform, effective Oct. 12.

On its website, Binance said it has decided to delist Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). Though the altcoins will be officially delisted on Friday at 10 a.m. UTC, customers still have until Nov. 12 to withdraw these coins and tokens from the crypto exchange.

According to Binance, the four coins failed to “maintain a high standard of quality.” The crypto exchange took into consideration several factors, which resulted in the removal of the digital assets. These include the team’s commitment to the project, quality and level of development activity, network or smart contract stability, level of public communication and activity, responsiveness to Binance’s periodic due diligence, evidence of unethical or fraudulent conduct, and contribution to a healthy and sustainable crypto ecosystem.

“Going forward, we remain committed to protecting our users and all Binance stakeholders and will continue to perform periodic reviews of all listed coins and tokens,” the crypto exchange stated.

Since the announcement, the prices of the currencies have dropped drastically. BCN, in particular, saw its prices drop by over 15%.

The news comes on the heels of Binance’s announcement that it would be donating all the fees it collects from listing new cryptocurrencies to charities. The new policy is expected to take effect immediately, and the crypto exchange hopes the donation will be used for “greater good.”

Binance said it “will continue to use the same high standard for the listing review process,” noting that “a large donation does not guarantee or in any way influence the outcome of our listing review process.” The new policy applies to any new applications, as well as those that have already been submitting and which are waiting for approval.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Coinnest execs face bribery charges over unfair crypto listing

Two executives of South Korean crypto exchange Coinnest have reportedly been indicted over bribery charges.

According to news outlet Korea IT Times, Coinnest CEO Kim Ik-hwan and COO Cho have received a total of KRW1 billion ($890,000) worth of BTC and S Coin from the CEO of the alt coin, a man also named Kim, in exchange for S Coin’s “unfair” listing on the exchange. By unfair, authorities said Coinnest listed the alt coin without examining its technology to hasten the process.

The Financial Investigation Department of the Seoul Southern District Public Prosecutor’s Office said that the two Coinnest executives have been charged with ‘accepting and receiving a bribe,’ while the S Coin CEO has been hit with charges of “giving bribery… to help with the virtual currency listing process.”

Investigators said the duo from Coinnest initially received 110 BTC worth KRW860 million ($771,270) last Feb. 5 and 6. The two also received 2 million S Coins worth KRW70 million ($62,778) each on Feb. 12 and 14.

According to Yonhap, “The prosecution believes that the executives provided the issuer of S coin with the ‘unfair’ convenience of listing the coin.”

This wasn’t the first time the two Coinnest executives were accused of controversial dealings. In April, Kim was arrested in Seoul over allegations of embezzling customer funds. The executives were also suspected of selling none existent coins, and Coinnest’s Kim has been accused of siphoning funds from customer trading accounts and funneling them into his own account.

Around the same time, Coinnest announced that it would opt out of self-regulation under the guidance of the Korean Blockchain Industry Association under which all major crypto exchanges in South Korea are jointly guided. Of the 23 exchange members, 12 announced that they had completed self-inspection under the auspices of the Blockchain Industry Association, and Coinnest was conspicuously missing from the list.

The Korea Internet and Security Agency (KISA) and the Korean Ministry of Science and Technology however announced in August that Coinnest was one of the crypto exchanges that successfully implemented short term security measures.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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