After its latest periodic review, Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX, and Ren (REN) will be delisted from Binance within the next 21 days. On November 26, the market was sent into shock by the move, when the notice caused the tokens to see significant drops in their prices.
This announcement caused an immediate fall on the market of the affected tokens, including a 37.2% decline for OAX. IRIS fell 34.8% to $0.37 and was followed by a 36.1% plunge from Ren to $0.03716. Also snapping back sharply were Gifto and SelfKey with drops of 30.6 and 29.7 percent each.
Withdraw Delisted Tokens Before February 2025 Deadline
According to CoinGecko, GFT is valued at $0.01242, while KEY downgrades to $0.00262. Binance listing decisions not only affect Binance’s standing but also the prices of the listed tokens.
The delisting of GFT, IRIS, KEY, OAX, and REN will take place on December 10, 2024, at 03:00 UTC. Trading pairs set to be removed include: IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, REN/USDT, GFT/USDT
Changes are being made so that earlier on November 6, spot market trading for these tokens will cease, to help the transition. Binance has asked users to take care of their assets by the cutoff dates to ensure no downtime.
The decision relates to Binance’s periodic review process, which is based on decisions to delist tokens as they are considered according to criteria like development activity, network stability, and compliance with regulatory standards, the company said. If the assets don’t reach these benchmarks, or they’re negatively impacted by industry changes, they’re removed.
It also said that these steps are for the protection of the users and a robust trading environment.
The delisted tokens will no longer get the deposits credited after December 12, but users will be able to withdraw these assets up to February 12, 2025. Additionally, Binance announced that all positions will be closed and the KeyUSDT and RENUSDT USD-M Perpetual Contracts will be automatically settled on December 3. After this date, users will not be able to open new positions in these contracts.
Binance also hinted at possibly exchanging delisted tokens for stablecoins on the user’s behalf after February 13, 2025, without any guarantees, but also further added that it will also keep interacting with the government to continue travel.
In a statement, Binance advised users to take action according to circumstances so that they could not be affected by delisting. Withdrawing won’t be possible until early 2025, but the immediate challenge is effectively managing open positions and then stepping tokens off the platform to avoid problems.
Binance’s delisting is indicative of the exchange’s dedication to a streamlined offering and a reshaping to adapt to the crypto jungle and a commitment to regulatory compliance and user preservation.
