Cryptocurrency trading platform, Cobinhood will include support for Bitcoin Cash (BCH) today 30th Mar. according to announcement made on its blog on Wednesday. The Taiwan-based cryptocurrency exchange, also removed six crytocurrencies prone to “pump and dump” from its trading platform as part of changes to its platform.
New Listings on Cobinhood Exchange
According to the blog post, Cobinhood will support the “deposit, [withdrawal], and [trading of] BCH-BTC, BCH-ETH, and BCH-USDT trading pairs. Also, form Apr. 6, it would support deposit and trading of Neo (NEO; NEO-BTC, NEO-ETH, and NEO-USDT) and Gas (GAS; GAS-BTC, GAS-ETH, and GAS-USDT) tokens. They can start withdrawals from Apr 13.
#Bitcoincash #BCH, @NEO_Blockchain $NEO, & $GAS + get higher withdrawal limits with the new ✨ COBINHOOD Corporate Accounts! ✨ Read the schedule here: https://t.co/V9H599luAd #cryptocurrency #blockchain #cryptocurrencyexchange pic.twitter.com/ko0fzVkiQU
— COBINHOOD (@COBINHOOD) March 30, 2018
Cobinhood introduces Corporate Accounts
The exchange also announced that can open accounts to trade cryptocurrencies on behalf of organizations. These corportate accounts will have no deposit limit and higher withdrawal limits of more than 100 BTC. The will also be have dedicated managers assigned to the accouts.
Cobinhood Exchange delists 6 Tokens
While adding support for new altcoin is encouraging, there are times it may be necessary to cut down on some. This is what Cobinhood has done taking off six tokens due to concerns about the infamous pump and dump scenarios.
The tokens delisted includes, Funfair (FUN), Gnosis (GNO), ICONOMI (ICN), Santiment (SAN), Substratum (SUB) and Voise (VOISE) all of which will no longer be supported from April 13, 2018 when the decision takes effect. All open orders (including depositing, trading) on the date will be cancelled.
What is Pump and Dump?
A trading malpractice, pump and dump occur when investors are encouraged to buy tokens inflating the price artificially for some people to sell off at the high price. Cobinhood noted that the coins delisted are prone to this fraudulent practice judging by their “Limited trading volume”. It also noted a poor community reception and lack of cooperation with the token team.
In the same vein, the exchange reduced trading pairs for Tether (USDT) to 16 base currencies over 50 currently. This decision which will be enforced by Apr. 20 comes after recent troubles for Tether in the US.