Binance has announced plans to delist five cryptocurrencies, including Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX, and Ren (REN), citing standard compliance issues and changes in the broader industry landscape. Following the exchange’s announcement on November 26, the prices of these tokens plunged by as much as 37%, with traders reacting to the news of the delisting.
Delisting Details and Timeline
According to the notice issued by Binance, the five tokens will be removed from the platform’s listings on December 10 at 03:00 UTC. As part of the delisting process, trading pairs related to these tokens will also be removed. The affected pairs include:
- GFT/USDT
- IRIS/USDT
- KEY/USDT
- OAX/BTC
- OAX/USDT
- REN/BTC
- REN/USDT
In addition, trading on spot markets for these tokens will officially close on December 6.
Price Drops Following Announcement
The announcement triggered a sharp decline in the value of the affected tokens. According to data from CoinGecko, Gifto (GFT) dropped by 30.6% shortly after the announcement, bringing its price down to $0.01242. SelfKey (KEY) also saw a significant plunge, falling 29.7% to $0.00262.
The most significant loss was seen by OAX, which fell by 37.2% following the news. Ren (REN) also dropped 36.1%, reaching $0.03716, while IRISnet (IRIS) saw a 34.8% decrease in value.
Reasons Behind the Delisting
Binance explained that its decision to delist these tokens was based on factors such as the project’s development progress, the stability of their networks, and their compliance with regulatory standards. The exchange emphasized that these steps are taken to maintain a healthy and secure trading environment for users.
Binance’s periodic reviews of listed assets are part of its efforts to ensure that only projects meeting high standards remain available for trading on the platform.
Actions for Users
Binance has urged users to take action in the days leading up to the delisting date. The exchange specified that deposits for the affected tokens will no longer be credited to user accounts after December 12, 2024. However, users will still be able to withdraw these tokens until February 12, 2025.
Additionally, Binance Futures will close all positions and conduct an automatic settlement for the KEYUSDT and RENUSDT perpetual contracts on December 3, 2024. After that date, no new positions can be opened for these contracts.
There is also the possibility that Binance may convert the delisted tokens into stablecoins for users after February 13, 2025, but the exchange has not guaranteed this outcome yet.
Conclusion
Binance’s decision to delist GFT, IRIS, KEY, OAX, and REN reflects its ongoing efforts to maintain a high standard of listing and trading security. While the immediate impact has been a sharp decline in the prices of these tokens, users are advised to manage their holdings before the delisting and withdrawal deadlines to avoid any issues. As always, Binance continues to monitor the evolving cryptocurrency landscape to protect its user base and ensure a stable trading environment.