As the world’s largest exchange, Binance commands huge amounts of power. It can charge whatever it likes for a listing in the knowledge that altcoin projects will still cough up in return for the liquidity and legitimacy that a Binance listing brings. With great power comes great responsibility however, and some of the exchange’s new additions have a chequered past.
Binance Swallows Up Bytecoin
As one of the oldest and least fashionable cryptocurrencies on the market, bytecoin was an unexpected addition to Binance. The exchange is more accustomed to listing the latest “must-have” tokens such as Wanchain, but appears willing to add any coin if the price is right. The addition of bytecoin (BCN), as well as other recent listings, has had some traders scratching their heads. BCN is a controversial coin due to an allegedly huge pre-mine when it launched in 2014. It then effectively disappeared off the radar before resurfacing last year.
Until its appearance on Binance on May 8, bytecoin was only available on the unfashionable Stocks.Exchange, Hitbtc, and Poloniex. As much as 82% of the coin’s supply is believed to be in the hands of one entity, or a handful of entities at best, and it is also alleged to be susceptible to an infinite inflation bug that allows coins to be created out of thin air. This latter flaw may have now been fixed, but tellingly Onchainfx still lists BCN as a scamcoin alongside the likes of Bitconnect.
Binance, Bytecoin, and the Big Pump
Regardless of bytecoin’s murky past, its present is just as dubious. Every coin that is listed on Binance can expect an instant pump, but BCN’s was significantly higher than usual – and its fall equally spectacular…