Cobinhood Delists Six Tokens Susceptible to Pump and Dump, Limits Tether Pairs
As some cryptocurrency exchanges are adding new altcoins, tokens and forks all the time, cashing in on massive listing fees from promoters, the need arises to trim the fat ever so often. Now Cobinhood is removing a few, offering a glimpse on how trading venues decide which tokens to cull.
Changes to Token Listings
The exchange team explains that, 'After careful consideration, we factored these criteria, while not exhaustive, as determinants of discontinuation. Limited trading volume on the exchange, which could potentially lead to trading malpractice (e.g. pump and dump). Poor community reception. Unestablished cooperation with the token team.'
In contrast, Cobinhood announced the addition of bitcoin cash (BCH) support starting March 30, including the abilities to deposit, withdraw, and trade BCH-BTC, BCH-ETH, and BCH-USDT pairs. The exchange is also launching corporate accounts meant for companies and organization rather than individuals, with no deposit limits.
Limiting Tether Pairs
This move is perhaps a little bit surprising considering that Cobinhood has only switched from USD to USDT based trading pairs in February. However, this controversial dollar-proxy has been facing growing criticism recently, causing some exchanges to want to limit their dependence on it. For example, earlier this month Bittrex added a second stablecoin in the form Trueusd, in a move seen as a hedge against future Tether regulation.
How should exchanges treat low volume altcoins' Share your thoughts in the comments section below.
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