Popular crypto exchange Bleutrade revealed on its Twitter handle that it would delist several cryptocurrencies from its platform. This news which was announced on Monday, July 2 revealed that the crypto exchange was taking this measure after reviewing the affected coins with its technical team.
DogeCoin Surprise Inclusion on the List
The list which consisted of about 55 coins was released on its blog and surprisingly, popular meme coin Dogecoin was part of the list. Dogecoin inclusion took members of the crypto community by surprise as the coin is one of the widely used cryptocurrencies within the cryptosphere.
DOGE is popularly used for tipping due to its low value and ease of access. It also has a thriving community of users who hodl the token. However, it is easy to understand why Doge was delisted by Bluetrade by looking at the criteria set by the exchange to analyze blacklisted coins.
Some of the criteria included blockchain stability, source code quality, commitment by development team and general contributions to the crypto ecosystem.
Dogecoin fails when it comes to commitment to development as there has not been any significant technical update on the coin since 2016. The growing importance of technical developmental teams for cryptocurrency projects cannot be understated.
The rise of regulatory concerns among governments across the world has prompted most crypto exchanges to make updates to their platform in order to pass regulatory checks.
Binance for example recently suspended US users from accessing its global trading platform as it looks to launch a region based platform due to upcoming regulatory changes in the US.
Bleutrade seems to be following line of action due to increased scrutiny in Malta where the exchange is based.
July 31 Withdrawals Timeline
The exchange platform has laid down a comprehensive timeframe for users to withdraw the delisted currencies. According to its press release deposits for the affected coins would be deactivated on July 2 while the platform would support trading of the coins until July 15.
The final deadline for withdrawal has been fixed for July 31 after which any coin left on the platform would be lost.