Daily Crypto, Finance, and Tech News Summary – November 21, 2023

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Welcome, and thank you for being part of the MyZucoins community! Let’s get into an interesting piece of crypto, finance, or tech news to stay ahead.

Army of staff pulling down lots of unsafe products from shop shelves, security guards fencing off the area

Crypto Exchanges Remove 3,400 Tokens In Record Delisting Spree

The cryptocurrency landscape is undergoing a dramatic shift, with exchanges delisting a record 3,445 tokens or trading pairs this year.

This number is a 15% increase over the entire year of 2022 and is double the figure from the year before, according to Kaiko, an organization that provides crypto markets with high-quality data.

Major exchanges like Coinbase and Binance are leading this trend, with Coinbase alone removing 80 pairs in October, the highest in any month since 2021.

OKX and Coinbase have delisted 172 and 176 tokens respectively in 2023, as reported by CCData.

The cause behind these delistings is multifaceted.

A surge in copy-paste crypto tokens, coupled with market scandals and bankruptcies, has drained liquidity, prompting exchanges to focus on more popular and foundational crypto token trading pairs.

Regulatory pressures have also played a significant role.

In June 2023, the US SEC labeled 19 tokens as unregistered securities in lawsuits against Coinbase and Binance, leading many exchanges to avoid these tokens.

Despite a rebound in the crypto market, with a 60% increase in the top 100 tokens since December, the delisting trend is persistent.

This wave of delistings is a response to the market’s saturation with tokens and the economic impact of a prolonged bear market. Read more here.

More On This Topic:

Understanding commodity vs security differences.

What is the importance of cryptos as commodities vs securities?

80% of Fortune 500 are bullish on crypto.

ASIC concludes investigation into Zucoins, ensuring regulatory integrity and transparency.

Why is decentralization important?

How Is Zucoin Navigating The Challenges Of Crypto Token Exchange Delistings?

Fortunately, the Zucoin team saw this coming a mile away.

The Zucoin team remains resilient in this chaos, following its strategy to focus on its peer-to-peer (P2P) marketplace Zutopia as a top priority.

The increasing scrutiny cryptocurrency exchanges are facing means there are many more headwinds headed in their direction.

Regulations have also contributed to this wave of removals.

Most of these crypto tokens, firstly, are simple and rushed offshoot tokens usually based on Ethereum or Solana blockchains.

They often have very little innovation and utility, relying heavily on speculation that typically fizzles out quickly.

It’s no wonder so many are being removed.

As Warren Buffett once said, “It’s only when the tide goes out that you learn who has been swimming naked.”

Regular readers of this newsletter will know Zucoin is heavily focused on making a network designed for real utility.

Zucoin doesn’t fall under the security investments category, which has so far protected them from such regulatory actions.

If you want a new form of technology to thrive and reduce the odds of getting blocked, working with regulators matters.

Zucoin has completed audits and investigations with Australia’s Austrac (anti-money laundering and anti-terrorism funding regulator) and ASIC (securities regulator), respectively.

A lot of tokens have been rejected due to failed projects, fraudulent actions or an inability to cooperate within regulator Know-Your-Customer (KYC) guidelines.

In contrast, Zucoin is supported by cutting-edge innovation that includes features like no mining process, efficient energy use, in-built two-factor transactions for added safety, and protection against 51% consensus attacks.

Not to mention, Zucoin’s Splitchain network is marching towards more decentralization.

And they’re doing it a very, very different way to every other major crypto system out there.

This is key to being considered a true digital commodity, comparable to Bitcoin’s rare status in this area.

Since the early days this has been one of Zucoin’s key goals to achieve and the team has a clear path to achieve this.

As always, we’ll cover more insights as they become available here, so make sure you’ve subscribed to this newsletter.

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All the best,

Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.