Tony Kim
Nov 26, 2024 10:12
Binance announces the delisting of several tokens including GFT, IRIS, KEY, OAX, and REN starting December 2024, citing a comprehensive asset review process.
In a recent announcement, Binance, one of the leading cryptocurrency exchanges, has disclosed its plan to delist several tokens, including GFT, IRIS, KEY, OAX, and REN, effective from December 2024. The decision comes after a periodic review of digital assets to ensure compliance with high industry standards, according to Binance.
Reasons Behind the Delisting
Binance conducts regular assessments of listed digital assets, taking into account various factors such as the commitment of the project team, quality of development activity, trading volume, and network security. These evaluations are crucial to maintaining a healthy and sustainable crypto ecosystem. The exchange noted that the tokens slated for delisting no longer meet the necessary criteria in its latest review.
Details of the Delisting Process
The delisting will commence on December 10, 2024, at 03:00 UTC when all spot trading pairs for the mentioned tokens will cease. Affected trading pairs include GFT/USDT, IRIS/BTC, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT. Users are advised to take note of the following key dates and actions:
- Post-December 11, 2024, deposits of these tokens will not be credited.
- Withdrawals will be unsupported after February 12, 2025.
- Potential conversion of delisted tokens into stablecoins may occur after February 13, 2025, but this is not guaranteed.
Impact on Binance Products
The delisting will affect several Binance services, including Simple Earn, Loans, Margin Trading, and Futures. Users with holdings in these tokens are encouraged to manage their positions and redeem their investments before the specified deadlines to avoid any potential losses.
For instance, Binance Simple Earn will cease support for these tokens by December 6, 2024. Similarly, Binance Futures will automatically settle and close positions on the KEYUSDT and RENUSDT contracts by December 3, 2024. Users are advised to close existing positions to prevent automatic settlements.
Advisory for Users
Binance urges users to monitor their portfolios and make necessary adjustments before the delisting dates. It is recommended to transfer assets from Margin Wallets to Spot Wallets and settle any outstanding loans to mitigate risks associated with the delisting process.
This move by Binance underscores its commitment to maintaining a robust and secure trading environment, aligning with evolving regulatory requirements and market conditions.
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