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SALT CEO Responds To Binance Delisting

One factor that significantly affects whether a cryptocurrency project can truly grow is the amount of cryptocurrency exchanges that it is listed on. Of course, if the project is only listed on one exchange, that might not provide enough liquidity for investors or traders to be interested. Similarly, if a project is listed on many exchanges, there are many that believe that this means that the project is more legitimate, because of how much liquidity is involved.

Of course, it’s a major achievement for a cryptocurrency to be listed on Binance, given the fact that it is the world’s largest cryptocurrency exchange by daily volume. However, it appears as though the SALT token has been delisted from Binance. The CEO of SALT, Bill Sinclair, has made it clear that he is not a fan of the development. For those that are not familiar with SALT, the firm is meant to be one of the elite cryptocurrency lending platforms, where users can leverage their crypto-assets for cash

CEO Not Pleased

In a blog post on Medium, Sinclair pointed out that they didn’t know that Binance was going to delist SALT, and didn’t have a chance to refute any statements from the exchange. He states that SALT “adamantly objects” the delisting, and claims that the exchange created “false negative implications” regarding the project. He elaborates that Binance hasn’t even requested for additional information.

Sinclair also seemed to point out that Binance has profited from selling SALT membership units, claiming that the exchange has made “hundreds of thousands of dollars in fees” as a result. He also elaborated that SALT “has never profited” from third party exchange activities.

More Context

It would be unfair to state that Binance only delisted SALT. In fact, Binance delisted five altcoins: MOD, SALT, SUB, WINGS, and CLOAK. For those who are unaware, SALT has a market capitalization of around $14.9 million dollars (as of press time), and is no longer in the top 100 cryptocurrency projects by market capitalization.  

Many believe that the reasons for the delisting are pretty clear. There are various cryptocurrency traders and investors that point to the fact that SALT Lending was under investigation by the SEC for some time now.

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