Taiwan's cryptocurrency exchange MAX announced that local tokens BCNT and LOOT will be officially removed from the shelves on May 31

Taiwan's cryptocurrency exchange MAX announced a few days ago that it will stop trading two Taiwanese local tokens BCNT and LOOT from 12 noon next Friday (16th), and will be officially removed from the shelves on May 31.

MAX said that this move is a decision made by the platform after prudent assessment based on "project development, market transaction conditions and related risks", reminding users to deal with assets in advance so as not to be handled through additional application procedures in the future.

MAX takes off BCNT and LOOT

The focus of the announcement is as follows:

• 12 noon on 5/16: Turn off the deposit function of BCNT and LOOT, and remove all trading pairs (including TWD and USDT) and cancel all related pending orders.

• The collection function is turned off at 12 noon on 5/31. Additional application is required after the deadline. The process may take a long time and may incur fees.

Introduction to BCNT and LOOT

BCNT is a token issued by Bincentive, a new crypto asset management company in Taiwan. The company was established in 2018 and focuses on quantitative trading strategies and provides customized trading services to institutions and professional customers. The team once launched an internship vacancies in March this year, but the last update of the FB fan page was November 2023.

Another token LOOT removed from the shelves is the Taiwan Metaverse project Lootex, which provides a one-stop platform for token and NFT transactions. It announced earlier this year that it will develop new products on the Ethereum L2 network Soneium.

This removal shows that MAX continues to conduct a token review mechanism, which also highlights that if Taiwan’s local projects lack continuous progress and market activity, it may be difficult to obtain long-term support from exchanges.

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