JasmyCoin (JASMY) at Risk of Binance Delisting: Executive Identifies Key Issue – What's Next for JASMY?

Things aren't looking great for JasmyCoin right now. After a disappointing Binance vote, the cryptocurrency is teetering on the edge of a potential delisting

The fate of JasmyCoin now hangs precariously in the balance as the cryptocurrency faces the risk of being delisted from Binance.

The threat emerged after a disappointing vote on the exchange saw a majority of users vote for the token to be removed from the platform.

However, despite the bleak outlook and the close attention on the situation, there has at least been some progress made this week as the team finally came to understand exactly why they are in this precarious position.

Highlighting the frustration and determination within the team, Chief Financial Officer (CFO) HARA took to X to provide an update on the situation and the thinking behind it.

"I really struggled this week. The Binance vote was not a good one, but there is only one good thing that came out of it. It did clear up why Jasmy is in the monitoring zone. Finally," he began.

"Initially I thought it was a community issue, so I stepped up my outreach on X and Telegram to try and create more transparency. Then I thought maybe our international reach isn't enough, which led to the partnership with AVITA to strengthen our presence throughout the Asia-Pacific region."

Thinking outside the box

The team also questioned whether their closed development approach was an issue, considering that they are developing BtoB products for companies, and all information is managed under Non-Disclosure Agreements (NDAs).

"This led to creating Junction - a crypto-native team building an open-source blockchain to enhance JasmyCoin's utility and interoperability. We also announced a partnership with Chaincode Labs to develop advanced blockchain solutions and foster Web3 innovation. Both aim to increase the token's engagement and expand its use cases within the crypto ecosystem," he explained.

Highlighting some of the other activity that the team has undertaken recently, HARA pointed to new partnerships with Panasonic, Sony Group, and Transcosmos.

"We are also exploring carbon credit initiatives through academic collaborations with universities and engaging in open-source contributions to showcase our commitment to the broader community. And of course, we have been focused on maintaining liquidity for the token. I consider liquidity to be the most important aspect, and I think we all feel the same way. We have ensured that there are sufficient liquidity measures in place."

Uncovering the core issue

After exhausting what seemed like every possible reason for their monitoring status, HARA said that he finally made a breakthrough this week.

"Why an innovation zone? I have been struggling with this for a long time. I found the answer this week. It was the only one I didn’t expect. But Binance is our biggest partner in token liquidity, not a hated enemy. And the rest is my work. I have already started working on the solution."

While he didn't explicitly reveal the specific issue that was identified by Binance, his statement offers an interesting perspective shift, moving away from a focus on the exchange to highlighting his own role in addressing the matter.

This suggests that perhaps a lack of progress in a particular area or initiative could be to blame, shifting the attention to internal operations and performance.

With the pressing nature of the situation and the serious consequences of a potential delisting, the next few weeks will be crucial for the team to pull together and strive towards a positive outcome.