Binance delisting some coins

In case any of you invest in obscure shitcoins on Binance.

To be delisted on Feb 22
CloakCoin (CLOAK)
Modum (MOD)
SALT (SALT)
Substratum (SUB)
Wings (WINGS)

You can still transfer the coins to other exchanges from your wallet. But no more trading.

Good riddance from shitcoins. I'm surprised SALT team actually published a blog post about delisting.

I've always felt this is a form of market manipulation...if I were the exchange, I would buy a bunch of coins before listing them and then sell them off. Basically insider trading. I see shitcoins = pennystocks anyway.

For true widespread adoption, some regulation should be in place to prevent this. But this also go against one of the principles of the blockchain. oh well.

SALT had many problems with the SEC because of its ICO funding

adverts said:

I've always felt this is a form of market manipulation...if I were the exchange, I would buy a bunch of coins before listing them and then sell them off. Basically insider trading. I see shitcoins = pennystocks anyway.

For true widespread adoption, some regulation should be in place to prevent this. But this also go against one of the principles of the blockchain. oh well.

Click to expand...

Part of the problem for exchanges listing new coins is liquidity. I'm not entirely sure how they solve this problem. Imagine, you're an exchange, and you just listed a new coin. People want to buy but who is selling? It's a brand new listing and unless someone transferred their coins to the exchange to sell, the buy orders would not be filled. I read somewhere the coin projects have to give a lot of coins to the Exchange to help create that initial liquidity. I'm not exactly sure on this though.

In addition, the exchanges have listing fees, which can range anywhere between $3k - $2.5m worth of BTC, depending on the exchange. So they get paid already. Although, some exchange don't charge anything. Of course, you have to meet other tough requirements as well.

Wouldn't surprise me if Binance is manipulating things for profit. In fact, I absolutely expect it. They are based in Malta and have no oversight from anyone. Zero. And they own the market and know this.