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Binance, the world’s largest crypto exchange, announced Friday that it will be listing Ontology Gas (ONG), sending the altcoin up over 90% in a matter of hours.

According to the announcement, Binance will open trading for ONG/BNB, ONG/BTC and ONG/USDT trading pairs at 2019/02/16 10:00 AM (UTC).

Similar to how GAS functions on the NEO network, ONG is Ontology’s second functional cryptographic token designed to be used solely on the Ontology network and is required to fuel functionality and transactions. Investors who hold Ontology (ONT) receive a roughly 12% annual return in daily ONG payouts.

ONG/USD via CoinCodex

The listing has helped ONG rally over 90% to $0.547923. ONT has also benefited, now up 15.7% on the day to $0.652235, giving the coin a $211.6 million market cap. The outsized rally is likely due to Binance’s ongoing monthly ONG distributions, as ONT is one of the few coins on the platform with this functionality.

On the flip side of the coin, Binance also announced Friday that it would be delisting 5 assets from its platform. The following coins will be delisted on February 22 at 10:00 AM (UTC):

While Binance did not give a specific reason for each coin’s delisting, it did present the following criteria that it uses to judge projects, both on and off its platform:

  • The commitment of the team to the project
  • Level and quality of development activity
  • Network/smart contract stability
  • Level of public communication
  • Responsiveness to our periodic due diligence requests
  • Evidence of unethical/fraudulent conduct
  • Contribution to a healthy and sustainable crypto ecosystem
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More: Binance Will List Ontology Gas (ONG)
Related: KuCoin Delists 7 Altcoins Including Polymath (POLY) and Substratum (SUB)

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.