Binance postpones SingularlyNET trading due to insufficient deposits
Leading exchange Binance has announced that it is postponing its listing of AGI, the SingularityNET token.
In a statement Binance explained the postponement as due to the “insufficient amount of AGI tokens deposited.” In order to “prevent abnormal price fluctuation” the listing will be delayed until later today, at 10.00 AM (UTC). Deposits and withdrawals of AGI will still be open throughout this period.
Binance had previously declared that AGI trading would be available from 8.00 AM (UTC) in pairs with Binance Coin, Bitcoin and Ethereum.
Second token postponement this week
This is the second time this week that the exchange has delayed trading on a new listing. QKC, the QuarkChain token, was scheduled to be available for trading yesterday at 9:00 AM (UTC). However, due to similar concerns about the low amount of QKC which had been deposited, the opening was pushed back to today at 4:00 AM (UTC).
On opening trading in QKC Binance posted a warning that “only 3.61% of the total supply of QKC tokens in circulation at the time of listing” and urged trader caution as “this may cause extreme price volatility.”
Binance CEO Changpeng Zhao explained that the delay had been prompted by community concern. According to Zhao, “we listen to the community and react” and that the desire to “protect investors is not just talk.”
Why the delay? We listen to the community and react. Yesterday, the community raised concerns about low circulating supply of QKC. We got all the facts and made them transparent first. Today, other exchanges had withdrawal issues for AGI. Protect investors is not just talk.
— CZ (@cz_binance) 5 June 2018
As today other exchanges had witnessed AGI withdrawal issues, Binance decided to delay its trading, as it had with QKC. Zhao noted that he’d “rather take the heat for whiners” from a listing delay than “start trading when issues are not addressed fully.”
SingularityNET, the project behind the AGI token, raised $36 million dollars in December when its ICO spectacularly sold out in under a minute. It aims on becoming “the key protocol for networking AI and machine learning tools to form a coordinated Artificial General Intelligence.”
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