At bitfolio.site, we’re here to break down major crypto news. Binance, the world’s largest cryptocurrency exchange, has announced the delisting of five tokens—Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN)—by December. This move has already triggered significant market reactions, with these tokens plummeting by nearly 40%.
Key Details of the Delisting
According to Binance’s announcement on Nov. 26, trading pairs for these tokens will be removed by Dec. 10. Key dates include:
- Nov. 27: Suspension of isolated and cross-margin borrowings for these tokens.
- Dec. 3: Closure of arbitrage strategies, loans, and futures positions.
- Dec. 11-12: Deposits will not be credited, and withdrawals will no longer be supported.
- Dec. 13: Tokens may be converted to stablecoins for users, though this is not guaranteed.
Why Were These Tokens Delisted?
Binance did not specify which standards these tokens failed to meet but highlighted its regular evaluation criteria, which include:
- Team commitment to the project.
- Quality of development.
- Trading volume and liquidity.
- Stability and resistance to attacks.
- Responsiveness to due diligence.
The delisted tokens have faced declining trading volumes. For instance, REN saw its activity drop from $34 million in March to $6 million in early November, while OAX fell from $101 million to just $468,000 over the same period. Such low activity indicates poor liquidity and adoption, both red flags for any crypto project.
Community Reaction
The delisting announcement has caused frustration among community members, particularly for Gifto (GFT). In a Telegram group, some users criticized the project developers for failing to provide updates or engage with the community.
What Should Traders Do?
If you hold any of the affected tokens, here’s what you need to know:
- Act promptly to withdraw or convert these assets before Dec. 12 to avoid complications.
- Monitor Binance’s updates closely for further details about stablecoin conversion options.
Binance’s Broader Context
This move underscores Binance’s effort to maintain a robust and secure trading environment. Currently, the exchange supports 386 tokens and 1,275 trading pairs, with a reported trading volume of $44 billion on Nov. 26, up nearly 20% over 24 hours.
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