Poloniex to Delist FLO, FLDC, XVC, BCY, NXC, RADS, BLK, PINK and RIC Tokens on August 2
Poloniex is Delisting 9 Cryptocurrencies on August 2
Earlier today, Poloniex announced plans to delist a number of digital assets from its platform. Starting August 2, Poloniex will no longer allow trading in the following altcoins: FLO, FLDC, XVC, BCY, NXC, RADS, BLK, PINK, and RIC.
Please finalize all trades and close any positions in these assets prior to August 2nd. Once delisted, you will have 30 days to withdraw any balances in these assets. For more information, please visit https://t.co/zYwjRBk1BG
— Poloniex Exchange (@Poloniex) July 26, 2018
The move was made in order to “align with the framework” of Poloniex moving forward. Specifically, Poloniex is implementing Circle Asset Framework into its exchange to help manage its existing crypto assets. Some of Poloniex’s crypto assets fit into that framework, while others do not.
“To free up our team to focus on the future,” announced Poloniex in a statement.
“We have decided to delist some of our currently supported assets that either do not align with the framework and/or exhibit limited trading volume for an extended duration of time.”
The popular cryptocurrency exchange is advising customers to finalize all trades and close any positions in these assets before August 2, which is the date the coins will stop being available for trading.
After the coins are delisted, you’ll have 30 days (up to an including September 2) to withdraw any balances in those assets.
Poloniex will send emails to all balance holders to remind them to withdraw funds prior to September 2. However, if funds are not withdrawn before September 2, then we assume Poloniex is keeping the funds.
Altcoin prices plummeted on the news, with most of the delisted coins above dropping by 20% to 80%.
FlorinCoin (FLO), for example, is down 27% on the news. FoldingCoin (FLDC) is down 39%. Vcash (XVC) is down 73%. Bitcrystals (BCY) is down 26%. Nexium (NXC) dropped 35%. Radium (RADS), interestingly is up 2%. BlackCoin (BLK) is down 3%. PinkCoin (PINK) plummeted 26%, and Riecoin (RIC) dropped by 72%.
The coins with the smallest market caps experienced the largest drops. Meanwhile, larger coins shrugged off the delisting.
Nevertheless, this doesn’t affect any major cryptocurrencies, and most of the coins listed above are outside the top 350 or 400 cryptocurrencies by market cap. This seems like a normal reorganization for one of the world’s largest cryptocurrency exchanges.
Well its certain that the commenters on the tweet aren't happy about the announcement:
— Secrets (@SecretsOfCrypto) July 26, 2018
Polo is a joke. They delist good coins and keep their insider trading shit like XBC. This is why I tell everyone to avoid this shady crap exchange. Not being listed there is a plus.
— SmileyGnome (@SmileyGnome) July 26, 2018
15 minutes in: Rekitty Rekt! pic.twitter.com/AZnRWUzObd
— Fog Thrower (@NebelwerferEins) July 26, 2018
close my account ain't login again!
— Stormspirit (@kiflica86) July 26, 2018