Binance warned traders of its plans to remove several tokens from their listings due to standard issues. Shortly after the announcement, the five tokens took a plunge by around 30%.
In a Nov. 26 notice to traders, the crypto exchange said the five tokens subject to removal are Gifto, IRISnet, SelfKey, OAX, and Ren. News of the delisting comes after Binance’s periodic digital asset review of the tokens, citing that the assets listed in the notice “no longer meets these standards or the industry landscape changes.”
The five tokens will be removed from Binance listings on Dec. 10 at 03:00 UTC. By then, trading pairs associated with the tokens will also be removed, these include GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, REN/USDT. Trading on spot markets for the tokens will close on Nov. 6.
According to data from CoinGecko, GFT fell by 30.6% within minutes following the Binance(BNB) announcement. It is currently trading at $0.01242. KEY suffered a similar plunge, sliding down 29.7% to $0.00262 around the same period of time.
OAX experienced the biggest fall, plummeting by 37.2% shortly after the Binance announcement. This was followed by REN, which saw a 36.1% fall to $0.03716. The trend continued with IRIS that fell 34.8% after Binance announced its plans to delist the token.
Binance explained that the decision to delist tokens is determined by a number of factors such as the project’s development activity, the stability of their networks, and compliance with regulatory requirements. The exchange noted that these steps are taken to protect users and ensure a healthy crypto trading environment.
Therefore, Binance urged users to take action in the days leading up to and the days that follow the delisting date. The notice informs users that deposits for the token will not be credited to the user’s account after Dec. 12. However, withdrawal support for these tokens will halt on Feb. 12, 2025.
Additionally, Binance Futures will close all positions and conduct an automatic settlement on the KEYUSDT RENUSDT USDⓈ-M Perpetual Contracts on Dec. 3. Thus, users will not be able to open new positions on the closed contracts after that date.
Binance also mentioned that there is a possibility that the delisted tokens could be converted into stablecoins on behalf of users after Feb. 13, 2025, but there is no guarantee on this yet.
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