Binance Confirms Delisting of Five Cryptocurrencies by December
Binance, a leading crypto exchange, has announced plans to remove five cryptocurrencies, including Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) by December 10. This move is due to these tokens not meeting the exchange’s set industry standards.
Market Reacts with Sharp Price Declines Following Delisting News
Following the delisting announcement, the affected cryptocurrencies saw a dramatic price drop of nearly 40%. The market’s quick reaction highlights the significant influence Binance holds in the cryptocurrency sector.
Binance’s Trading Activity Highlights Its Market Influence
Binance remains the largest crypto exchange by trading volume, boasting 386 tokens and 1,275 trading pairs. As of November 26, the platform’s trading volume had increased by nearly 20%, reaching $44 billion.
Delisting Criteria: Ensuring Compliance and Market Integrity
While Binance did not detail specific compliance failures, it cited general criteria for delisting, including project commitment, development quality, trading volume, liquidity, security, and responsiveness to due diligence inquiries.
Impact on Blockchain Initiatives and DeFi Services
The tokens scheduled for delisting are part of projects ranging from blockchain-based gift-giving to decentralized finance services. This decision could significantly affect their operational visibility and market performance.
Community and Trading Volume Concerns Precede Delisting
Trading volumes for these tokens had been declining, with REN’s activity dropping from $34 million in March to about $6 million in November. Additionally, members of the Gifto community have voiced concerns over the lack of updates from project developers.
Important Deadlines for Token Holders Post-Delisting
Binance has advised that deposits of the delisted tokens will not be processed after December 11, and withdrawals will cease after December 12. The exchange may also convert any remaining tokens into stablecoins after December 13, though this is not guaranteed.
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