Binance CEO Changpeng Zhao made a statement worrying low-volume altcoin investors. Changpeng Zhao said it would be a “good idea” to remove altcoin units that don’t have enough volume from Binance.
The crypto money exchange offers investors the opportunity to trade over hundreds of different parities with more than 150 altcoins on the Binance platform. Binance, which has a much wider range of altcoins compared to crypto money exchanges such as Coinbase, occasionally receives support and reaction from time to time with this feature.
Criticism to altcoins without volume
Cryptocurrency commentator RookieXBT tweeted today about altcoins listed on Binance, but not bringing a lot of volume. The analyst argued that altcoins with a daily volume of less than 10 BTC should be removed from Binance.
Delist all coins on Binance that do less than 10 BTC of daily volume
— RookieXBT 🧲 (@RookieXBT) October 28, 2020
This comment by RookieXBT was also commented by Needacoin, and the analyst pointed out that it is a “complex issue”. According to Needacoin, the reason why this is a complex issue is obvious. If Binance starts hunting altcoins that do not have enough volume, one by one; What will happen to altcoin projects that have just been established, so they don’t have much volume but are still promising?
This is a very slippery slope, see bittrex. https://t.co/kJF8lqNjqA
— Needacoin (@needacoin) October 29, 2020
Binance CEO: “Good idea”
Binance CEO Changpeng Zhao responded to the altcoin comment made by these two names. Zhao said that it is a “good idea” to remove altcoins that do not have enough volume from the exchange. The Binance CEO then said “if you are listed on Binance but you don’t have enough volume” and left three points.
Altcoinrookie, on the other hand, among local cryptocurrency commentators, drew attention to the impact that this statement made by the CEO of Binance could have on the market. Rookie thinks this altcoin comment by Zhao could cause panic to the market and trigger a new wave of sales. The analyst warned that low-volume altcoins could therefore suffer a major crash.
Be careful sir!
You will cause a panic in the market. I hope low volume coins don’t make a big crash today because of this post
— Rookie🦥 (@altcoinrookie) October 29, 2020