Binance made an announcement earlier on November 30, 2024, stating that it will be delisting five tokens, namely Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN), from all of its trading pairs.
The delisting is set to come into effect at 03:00 UTC on December 10, 2024. Binance explained that this decision is a part of its regular review procedure. During this process, the exchange examines various assets to make sure they can fulfill the necessary standards for maintaining high-quality trading circumstances.
The trading pairs that will be affected include GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, and REN/USDT. Additionally, Binance has issued a warning. Once the specified deadline passes, any pending orders for these tokens will be automatically cancelled. Deposits for these tokens will cease immediately, and withdrawals will not be permitted after February 2025. The exchange is advising users to close their positions or transfer their tokens prior to the cut-off time to prevent any potential issues.
Subsequent to Binance’s announcement, the prices of these five tokens witnessed sharp declines. Traders hurried to sell off their holdings. According to data from CoinGecko, GFT plunged by 32%, IRIS tumbled 36%, SelfKey (KEY) decreased by 30%, OAX (OAX) dropped 31%, and Ren (REN) fell 32%.
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