This is exceptionally disappointing. Not only that, but its incredibly shady. Although Binance has the right to list and remove as they see fit, once added they should have a extremely in depth process to assure that removal is not only best for them, but for the product involved, and the investors holding the coins. De-listing is almost guaranteed to be an immediate devaluing of the coin, I would even assume 10% is a low ball on the general value drop. I am 100% for the idea that if a coin is found to be a ponzi-scheme, scam, or doing something possibly illegal, an immediate hold should be applied, while they team confirms information, but a complete and unexpected removal of coins can destroy entire projects, teams, and revenue access for both sides investors and companies. What are people who are holding these coins supposed to do after a removal and major reduction in the value of their holdings?
Worse than that, it appears that many times are attempting to contact and remedy the issues without even responses being warranted back from Binance.
Considering I hold over 10,000 BNB coin, along with many other coins I can’t even imagine what it would be like to sit here and suddenly lose 10% of the value of one of my assets simply because Binance decided to remove a coin because of something they thought may be out of the ordinary. In fairness I am sure there are 5+ removals for every one we hear about like the many in this situation, but the fact of that matter is that there is clearly no level of due process on Binances end, and considering how much of BNB I own, and how big of a supporter I have been of Binance that’s horribly insulting.
Due process would not only protect Binance, but most of all it protects the Investors. (The ones paying their bills)
And as always, “not your keys, not your coins”
This is exceptionally disappointing. Not only that, but its incredibly shady. Although Binance has the right to list and remove as they see fit, once added they should have a extremely in depth process to assure that removal is not only best for them, but for the product involved, and the investors holding the coins. De-listing is almost guaranteed to be an immediate devaluing of the coin, I would even assume 10% is a low ball on the general value drop. I am 100% for the idea that if a coin is found to be a ponzi-scheme, scam, or doing something possibly illegal, an immediate hold should be applied, while they team confirms information, but a complete and unexpected removal of coins can destroy entire projects, teams, and revenue access for both sides investors and companies. What are people who are holding these coins supposed to do after a removal and major reduction in the value of their holdings?
Worse than that, it appears that many times are attempting to contact and remedy the issues without even responses being warranted back from Binance.
Considering I hold over 10,000 BNB coin, along with many other coins I can’t even imagine what it would be like to sit here and suddenly lose 10% of the value of one of my assets simply because Binance decided to remove a coin because of something they thought may be out of the ordinary. In fairness I am sure there are 5+ removals for every one we hear about like the many in this situation, but the fact of that matter is that there is clearly no level of due process on Binances end, and considering how much of BNB I own, and how big of a supporter I have been of Binance that’s horribly insulting.
Due process would not only protect Binance, but most of all it protects the Investors. (The ones paying their bills)
Edit: Spelling/Grammar