Binance, the world’s largest cryptocurrency exchange, has announced that five digital tokens would be delisted from its platform by December. These tokens are: Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN). The decision, which becomes effective on December 10, has already triggered market panic, resulting in a large sell-off and a 40% decline in the price of these tokens.
Binance’s announcement on November 26 highlighted the coins’ failure to meet the exchange’s industry standards as the main cause for their withdrawal. While Binance did not detail the specific compliance issues, the exchange did state that it periodically assesses aspects like as project development quality, liquidity, trading volume, and network stability. Tokens that fail to meet these standards may be deleted in order to provide users with a safe and trustworthy trading environment.
Following the news, the affected tokens experienced huge price reductions, with many falling to a few cents. Ren (REN), for example, saw a dramatic drop in trade volume, from $34 million in March to $6 million in early November. Similarly, OAX (OAX) experienced a dramatic drop in volume, from $101 million in March to only $468,000 in October.
The decision has sparked resentment in the token communities, particularly among Gifto (GFT) holders, who have expressed dissatisfaction with the project’s developers’ lack of transparency. One member of the Gifto community expressed dismay in a Telegram post, noting that the project had failed to offer social media updates, which contributed to their decision to withdraw their investment.
For users affected by the delisting, Binance has said that deposits for these tokens will not be acknowledged after December 11, and withdrawals will not be enabled after December 12. The exchange has also warned that these tokens may be turned into stablecoins after December 13, but this is not guaranteed.
This decision by Binance demonstrates the exchange’s continuous efforts to maintain high standards for its listed assets, as well as its dedication to offering a secure trading platform. However, it also serves as a reminder to investors to be cautious about the liquidity and sustainability of the tokens they own.
