21 May 2018 Marsha Tusk
Binance Exchange Decentralization Questioned Over Bytecoin’s Listing
Binance Exchange is the dream destination for all coins, being one of the best and most popular on the market. In most cases, it takes a while for a coin to be listed on the exchange.
As an exchange market authority, the exchange launched its own native coin - the Binance Coin.
The crypto world though was surprised with the listing of Bytecoin on the exchange, making them question Binance’s veracity, decentralization and featuring policy. Adding Bytecoin to the live trading list increased its exposure significantly.
The community’s concern raises as Bytecoin is believed to be a fraudulent coin, because of its dubious circulation supply. Furthermore, the coin trading hasn’t been stable and strong, mainly available on smaller, expensive and less popular exchanges like Poloniex. Bytecoin has been listed as a scam coin on Onchainfx.
Binance’s interest in the coin started with the BCN’s price rise of over 69% within 24 hours. The exchange started selling the coin at a price 10 times higher than the BCN price at any other market exchange. Within the first three hours, the BCN price gained a 71% advantage against the dollar.
Bytecoin has been making the news since its launch in 2014 when pre-mining was enabled before the launch of the ICO. This created a significant gap between the coin and investors interest.
The reasons above justify why the community takes the listing as an unpleasant surprise, as Binance exchange has always been careful in the selection of coins that are featured on its listing.
Moreover, some wonder if the exchange’s criteria has been switched to “All Coins are Welcome”. If true, this might have a negative effect on the reputation and user perception of the currently leading exchange platform.
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