Binance announced on October 9th that they would be de-listing Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). All four of those cryptocurrencies subsequently crashed in price:
- TRIG: -49%
- CHAT: -30%
- BCN: -22%
- ICN: -9%
A Binance listing is widely viewed as a major catalyst to a cryptocurrency's price, as it gives the coins access to the largest base of retail investors in the world. Here is CZ's current criteria for evaluating new coins for Binance listing:
We want good coins. That’s it! I know it’s vague, but every coin is different.
In general, we like coins with a proven team, useful product, and large user base. It’s all basic stuff, nothing fancy. It is subjective, and not perfect (we know that). We don’t have any hard requirements (such as x people in Telegram), as any requirement we publish will likely be reverse engineered.
Without more explicit guidance, the Binance listing game will continue to be opaque and somewhat arbitrary. In the meantime, the Binance de-listing shock faced by all four of these projects clearly shows that CZ, Binance's CEO, is the current Kingmaker of the cryptocurrency ecosystem.