Binance wary of listing risky coins which got a boost on the KuCoin exchange 12534
News
Chaitanya Thammaya
Jun 6, 2018 at 8:05 PM
  • Binance the top cryptocurrency exchange in the world has some risky coins listed on its platform.
  • But it’s wary of getting its reputation damaged by these coins. So they’ve issued a warning on Quarkchain and have put the listing of Singularity NET on hold.

Binance, the leading cryptocurrency exchange and issuer of the Binance Coin (BNB) token is wary of listing risky coins. After the fallout from the Centra (CTR) coin, it seems the crypto-exchange is doubly cautious about listing such digital currencies. It seems like a classic case of ‘once bitten, twice shy!’ Binance CEO Changpeng Zhao also spoke about listing QKC on their exchange.

The recent addition to the exchange, QuarkChain (QKC) is an extremely volatile asset. QCK soared to a peak close to $0.34, then slumped down to $0.20 in just a few hours of trading. Moreover, it was still trading on relatively thin volumes. Quarkchain (QKC), not be confused with Quark (QRK) is a digital asset that’s relatively unknown in the crypto community. But it has been listed on some lesser known exchanges.

And just recently it has got a boost from its activity on the KuCoin exchange. This listing left the crypto community baffled and some of them even issued warnings about the digital asset. While the digital asset has been listed on the exchange, it’s got a buyer beware high-risk warning.

Binance delays listing of Singularity NET (AGI)

Another addition to the Binance exchange is Singularity NET (AGI). And this time, after the QCK fiasco, they deferred the listing until sufficient AGI assets were deposited in its wallets. The price of a low free-floating digital coin with very little assets on the exchange would be more volatile. The exchange tweeted its decision to postpone the coin’s listing, saying,

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Though trading for AGI hasn’t started yet, it’s seen a price rise of 16% overnight. It saw the usual price fluctuation for ICOs with high volumes at the beginning. But eventually it crashed and drifted sideways for several months. But if Binance successfully proves its liquidity, the volume could pick up.Like QKC, AGI was also dependent on lesser known exchanges but gained a boost from its activity on KuCoin.

KuCoin is another exchange that was recently created which has a lot coins from budding projects listed on it. The ICOs of both QKC and AGI are quite ambitious, with tokens that are priced quite low. It can only be guessed as to where the markets will take them. Especially with the current interest in the market concentrated on EOS (EOS) and TRON (TRX). Binance’s newly listed coins are backed by small communities and initial trading for them might be driven by bot activity.

Image via Shutterstock.

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