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CZ Comments on Binance Delistings
Getting a token listed on the world’s largest Centralized Exchange is a milestone achievement for any crypto project, and typically leads to a major boost in market capitalization. But what Binance gives, it can take away.
The recent announcement from Binance that it was delisting several tokens sparked outcries from the projects and responses from Binance CEO Changpeng Zhao (CZ) himself.
Among the three tokens that were delisted, the most noteworthy might be $AUTO from Autofarm.
1/3
— autofarm.network (@autofarmnetwork) April 12, 2023
Announcement regarding Binance delisting: we have been closely in touch with Binance over the last period of time and are heartbroken that events turned out this way.
The yield aggregator platform was once the largest on BNB Chain and at one point in April 2021 had a peak $2 billion in Total Value Locked, according to DefiLlama. Now its TVL is at $21 million across several chains.
The market cap of $AUTO once reached nearly $200 million in February 2021 but sat below $20 million for most of 2022 and after a sharp decline since the Binance announcement, now is at just above $10 million.
The other tokens losing their Binance listing are $QLC from Kepple (formerly QLC Chain) and $NEBL from Neblio.
We don't give "early notice" to project teams for delisting. No reason for the project teams to have a chance to act/trade before users.
— CZ 🔶 Binance (@cz_binance) April 11, 2023
We give notice to all users at the same time.
The Kepple team reacted to the announcement with dismay, saying they had been waiting on Binance’s due diligence decision “for weeks” as Kepple is swapping the QLC token for KPL.
Kepple managed to bring its concerns to CZ’s attention, exchanging replies on Twitter. CZ said Binance does not pre-notify projects that their tokens are being delisted, but makes the announcement at the same time to all users.
I was told: the project didn't have much development for a few years, and recently "sold" to a different project, which currently do not meet our listing standards. 🤷♂️
— CZ 🔶 Binance (@cz_binance) April 11, 2023
CZ continued on to say that, in Kepple’s case, he was told the project had stopped actively developing and was “ recently “sold” to a different project, which currently do not meet our listing standards.”
The project has never been "sold" to a different project.
— Kepple (Previously QLC Chain) (@Kepple_io) April 11, 2023
QLC Chain IS in the midst of a rebranding to increase to service a wider network by bringing Web3 features in an All-In-One extension
So?🤷♂️
Let's DM
Kepple replied that it had not been “sold” but was rebranding, and asked to continue the conversation with CZ in private.
1/6 Unfortunately, @Binance has decided to delist $QLC. We at #Kepple remain committed to building & becoming a layer 2 crypto community-driven solution on the #BNBChain for social media
— Kepple (Previously QLC Chain) (@Kepple_io) April 11, 2023
✅$QLC is available on major exchanges & in talks with all top tier exchanges to list $KPL!
Binance doesn’t typically give reasons why a specific token is being delisted, but in its announcement included the following factors that are considered:
- Commitment of team to project
- Level and quality of development activity
- Trading volume and liquidity
- Stability and safety of network from attacks
- Network / smart contract stability
- Level of public communication
- Responsiveness to our periodic due diligence requests
- Evidence of unethical/fraudulent conduct or negligence
- Contribution to a healthy and sustainable crypto ecosystem.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |