Cryptocurrency exchange Binance will delist five digital assets next Friday, with the likes of SALT, Modum, and Substratum facing the axe.
CloakCoin and Wings also join the list, with major sell-offs being seen across all coins this morning. SALT is down 11% and Substratum is down 26%, while Modum, CloakCoin, and Wings are down 27%, 17%, and 25%, respectively.
Binance issued an update detailing why the coins in question had been delisted, stating: “We periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all of our users.”
Some of the reasons for delisting are a lack of “commitment to the project” and “level of public communication.”
All of the above coins will cease trading on February 22nd at 10am UTC.
— Binance (@binance) February 15, 2019
One of the reasons why SALT has been delisted may be due to the ongoing SEC probe into its 2017 ICO, which raised $50 million of capital.
The probe is looking into whether the token offering should have been registered with the regulator before being conducted.
There has also been criticism of the Substratum ICO, with blockchain forensics showing that the initial token offering may have raised more funds than they originally claimed.
It was reported by Coin Rivet in January that 2.5 BTC, 702 BCH, 35 LTC, and 1,142 ETH had not been accounted for.
The company’s CEO, Justin Tabb, was also seen in front of a live audience raising his hand to a question of whether anyone in the room had participated in a pump-and-dump scheme.
Modum is a supply chain project based in Switzerland. Their business plan was to implement blockchain technology within the supply chain of pharmaceuticals, but they, like many ICOs that launched in 2017, have struggled to keep up with their hopeful roadmap.
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