Skip to main content

Cobinhood Delists Six Tokens Susceptible to Pump and Dump, Limits Tether Pairs

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. 

Also Read: Canadian Multinational Bank BMO Blocks Cryptocurrency Transactions

Changes to Token Listings

Cobinhood Delists Six Tokens Susceptible to Pump and Dump, Limits Tether PairsTaiwan-based cryptocurrency service platform Cobinhood has recently announced a number of changes to its roster of available trading instruments. The following tokens will no longer be supported on the exchange: Funfair (FUN), Gnosis (GNO), ICONOMI (ICN), Santiment (SAN), Substratum (SUB) and Voise (VOISE). Depositing, trading, and all open orders will be cancelled automatically on April 13, 2018.

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

Cobinhood Delists Six Tokens Susceptible to Pump and Dump, Limits Tether PairsCobinhood also decided that Tether (USDT) as a quote currency will only be made available for sixteen base currencies (BRD, BDG, BOT, BTC, COB, CMT, CGC, DXT, ENJ, ETH, LALA, LTC, LYM, MCO, Qtum, and UTNP) starting April 20. After the date passes, open USDT orders paired with all other base currencies will be cancelled automatically. It currently offers about fifty USDT 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.

Images courtesy of Shutterstock.

Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.

The post Cobinhood Delists Six Tokens Susceptible to Pump and Dump, Limits Tether Pairs appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2pSaHHR
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more