Furthermore, the announcement gave all BCN holders on the platform up until November 1st, 2018 (Hong Kong Time), to withdraw all their coins from the platform to other preferred wallets. After this date, OKEX shall no longer support BCN.
In a twitter announcement just hours ago, the team at OKEX alerted their clients that they were in the process of delisting Bytecoin (BCN) from the exchange. The reason for delisting BCN by OKEX is that there is a pending technical issue that has been left unattended by the coin’s development team. The announcement on the OKEX support page went on to give the exact time for the delisting:
Our regular monitoring of Bytecoin found that the project has been exposed to a critical technical issue that has been left unhandled. To protect the interests of our users, OKEx will delist all BCN trading pairs at 19:00 Oct 12, 2018 (HKT). All depositing and trading services of BCN will be terminated after the date.
Users should cancel their BCN orders from our platform. If your order is not canceled in time, the order will be canceled by the system and your asset will be credited to your trading account.
Binance Also Delisting BCN Today, October 12th
In a similar announcement by Binance on the 9th of October, the exchange announced that it would delist four digital assets effective October 12th, 10am (UTC). These coins are as follows:
- Bytecoin (BCN)
- ChatCoin (CHAT)
- Iconomi (ICN)
- Triggers (TRIG)
Withdrawals of these coins and tokens from Binance will continue to be supported only until November 12th, 10am (UTC).
Market Response
Since Binance made the announcement to delist BCN, CHAT, ICN and TRIG, all four have continued on a downward spiral in the crypto markets that has been accelerated by the recent slight crash of Bitcoin. The King of Crypto lost $400 in a matter of minutes. The fall of BTC coincided with a similar decline experienced at Wall Street at the same time.
Since the 9th, BCN has fallen from values of $0.0022 to current levels of $0.0014: this is a drop of 36.4% in less than a week.
What are your thoughts of both Binance and OKEX delisting BCN? Do you think the team at Bytecoin have abandoned the project? Please let us know in the comment section below.