Changpeng Zhao (CZ), CEO of Binance, the world's largest cryptocurrency exchange, spoke in his latest statement about one of the altcoins that the exchange has delisted.
The incident started when the developers of the Kepple (QLC) altcoin, which was delisted from the exchange, made a post for CZ. QLC developers argued that the altcoin was delisted from the exchange without informing them.
Binance CEO CZ Responds to Delisted Altcoin Team
On top of that, CZ said they don't already have notification apps to prevent developers from pre-selling:
“We do not 'early notice' project teams for delisting. There is no reason for project teams to have a chance to act/trade before users.
We notify all users at the same time.”
In addition to this, CZ also explained the reason why the QLC altcoin was delisted:
“I've been told: the project hasn't developed much for several years and was recently "sold" to a different project and currently does not meet our listing standards.
We periodically delist projects that fall below a certain standard. No active development, no progress, etc.”
We don't give "early notice" to project teams for delisting. No reason for the project teams to have a chance to act/trade before users.
We give notice to all users at the same time.
— CZ 🔶 Binance (@cz_binance) April 11, 2023
The QLC altcoin suffered a sudden drop following the delist news and lost more than 60% of its value.
The developer team had the following to say about the delist event:
“Unfortunately, Binance has decided to delist QLC. We at #Kepple are committed to building and being a layer 2 crypto community focused solution on BNB Chain in the social media space.
The Kepple team, formerly QLCChain, had been waiting for Binance's decision for weeks, hoping to gain support for the token swap. However, we were delisted in the middle of the process without notice.
We truly believe that QLC has not tapped into any potential cause for the delist.”
*Not investment advice.