One of the things that makes us different is that we’re not just trying to add random coins or as many tokens as possible on our trading platform. Instead, we’re looking for projects that truly highlight the benefits and potential of blockchain technology, and we put a lot of time and effort into evaluating and fostering these projects. So, when we list a coin, we fully expect it to be on the exchange for several years. But, unfortunately, even with all this, there are times when we have to remove coins.
Now, if you enjoy legalese, and have 30 minutes to spare, feel free to read through our official token removal policy. But, in general, we have to remove coins for several reasons, including broken blockchains, violations to our listing agreement, possible compliance issues, etc. But, there is one reason that is really frustrating since it can be easily prevented — unresponsive coin teams. Once their coins are listed, we still need to work closely with coin teams on things like wallet or blockchain issues, upgrades, swaps, and more.
So, it’s disappointing when we run into an issue that requires a coin team’s help to fix, and they’re completely unresponsive. The majority of coin teams are very helpful and responsive, so it’s surprising when we face this problem.
And while this might not sound like a big deal, all technology eventually needs some type of update or maintenance. These teams need to maintain the technology they built and support their coin’s health, security and longevity for the benefit of coin holders. A few examples of where we may need their help include: undisclosed security issues with their blockchain, such as potential zero-day vulnerabilities; stolen user or token developer funds that criminals try to use on our trading platform; and other blockchain and wallet problems. Without their help, our shared customers may not be able to access their coins or related assets. So, a coin team’s availability and response time is definitely a major item we consider both before and after listing.
On top of this, we must also comply with U.S. regulations. So, every now and then, we’ll have to reach out to coin teams about compliance-related questions, and when these questions pop up, we need to speak with them sooner rather than later. Basically, if they’re unresponsive, we won’t be able to deal with any potential issues, making it more likely that we’ll have to remove their coin.
We try to make communicating with us quick and easy. And, we only contact them when we have important questions or updates to make sure our shared customers have the best experience possible. If we’re not hearing from a team, we want to give them every opportunity to work with us. We’ll try contacting them through several communications channels, multiple times, before making any decisions about their listing status.
So, just remember when you see announcements from us about removing coins, especially if it’s one you like, we don’t remove coins on a whim. In fact, it’s just the opposite — we want to keep and support all innovative blockchain projects on our exchange, but sometimes that’s simply not possible. And while it’s not often, it could even be the coin team, that’s forcing our hand and controlling their own fate.