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Binance sudden delisting of QLC causes an 80% drop, CZ defends Binance's position: Will not allow project parties trading opportunities

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Binance sudden delisting of QLC causes an 80% drop, CZ defends Binance

On April 11th, the Web3 social media platform project Kepple was delisted by Binance. The project team accused Binance of delisting the token without prior notice, but Binance founder Zhao Changpeng CZ promptly responded on Twitter, defending Binance's reasons and position in the matter.

Delisted by Binance, QLC Plummets by 80%

Formerly known as QLC Chain, Kepple QLC saw a drastic drop of nearly 80% within an hour, plummeting from $0.076 to $0.018 after Binance announced its delisting in a statement.

QLC price drop after delisting｜Daily chart

QLC Team: Delisted Amid Renaming Negotiations

In response to the situation, the QLC team tweeted that they had communicated with Binance, hoping for support for the renaming of the QLC token to KPL. However, after waiting for weeks, Binance delisted the token without prior notice.

They emphasized that the renaming had received 90.5% approval and the team would continue to follow the roadmap for development, as they believe they meet all the criteria and standards required by Binance:

  • Commitment to the project

  • Quality of development activities

  • Trading volume and liquidity

  • Network stability and security

  • Network/smart contract stability

  • Level of public communication

  • Response to Binance's due diligence

  • Existence of unethical or fraudulent behavior

  • Contribution to the ongoing development of the crypto ecosystem

CZ Responds: No Reason to Notify Delisting

CZ responded on Twitter stating:

We do not "pre-notify" projects about delisting; there is no reason for a project team to have the opportunity to act or trade before users, and Binance will notify all users simultaneously. We regularly delist projects that fall below certain standards, such as lack of active developers, lack of progress, and more.

CZ also mentioned that the project had made little progress in recent years and he was informed that QLC had been sold to another team, which did not meet Binance's listing standards.