Bytecoin (BCN) fighting for life and negotiating re-listing on Binance. But the outlook is bleak
In a span of couple of days, BCN got delisted from two big exchanges: OkEX and Binance.
Binance announced on the 9th of October, that it would delist four digital assets, BCN among them, effective October 12th, 10am (UTC).
Binance was by far the biggest BCN market whereas OKEx represened only 4% of the volume. Bytecoin is still listed on HitBTC and Poloniex. Since the news went live on the 9th, coin has dropped from of $0.0022 to current levels of $0.0014: this is a drop of 36.4% in less than a week.
BCN team took to Reddit in an effort to calm down the worried community and announced the following:
Dear community,
We’d like to clarify the situation with Binance
We are in the process of active communication with the Binance representatives about the delisting situation.
Bytecoin should proceed its trading on Binance without any issues, and we are trying to come to an agreement as soon as possible.
For now any detailed communication with the Binance can’t be disclosed for privacy reasons.
We will keep you updated during the day. Thank you for your patience.
The announcement is sparse and lacks any sort of clarity. What is meant by the “active communication” with Binance? It could be just a regular support ticket raised like any user is able to do it? Or perhaps they are in some kind of an email exchange with low-level Binance representatives? I doubt the Binance management works on this issue so the chances of BCN on getting back to the exchange are pretty slim. It would be an unprecedented move for Binance.
Once you take into account that the actual reason for delisting is more than valid – BCN artificially pumped their markecap to the billions, then locked users’ wallets and clogged the blockchain to deny any transfers and withdrawals during that pump and dump.
Just take a look at this Redditor’s experience:
The delisting was a good move in our eyes as we need to trim the market down and weed out the no-value projects. It is the evolution laws and natural selection that rule every domain of human activity, crypto is no different.
