Binance, one of the world’s largest cryptocurrency exchanges, has announced the delisting of four altcoin spot trading pairs.
This measure, scheduled to take effect at 03:00 UTC on November 6, reflects Binance’s attempt to improve market quality.
What should Binance token holders do?
Binance regularly evaluates the performance of its listed trading pairs to ensure that they progressively meet high standards and industry requirements. Based on this, items below the threshold are removed or deleted from the list. The exchange claims that these measures protect users and maintain a high-quality trading environment amid changing markets.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Accordingly, the exchange will delist trading pairs for Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). Specifically:
- USDT/IDRT
- KP3R/USDT
- OOKI/USDT
- UNFI/TRY, UNFI USDT, UNFI/BTC
What is noteworthy is that Binance removes all trading orders after trading is halted in each trading pair. This means that token holders will no longer see the value of their tokens in their wallets after delisting.
During this Binance delisting, the exchange provided token holders with a notice that deposits after 03:00 (UTC) on November 7, 2024 will not be credited to user accounts. Additionally, you will not be able to withdraw these tokens from Binance after 03:00 on February 6, 2025 (UTC).
Binance will allow conversion of delisted tokens to stablecoins at 03:00 UTC on February 7, 2025. Accordingly After confirmation, the exchange promises to provide a separate notice before conversion.
“If applicable, separate notification will be made prior to conversion, and stablecoins will be credited to users’ Binance accounts after conversion,” the cryptocurrency exchange explained.
This means that users interested in this pair should modify their trading strategies accordingly. Importantly, the exchange also removes the KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/USDT cross and isolated margin pairs from margin. Binance advises traders to cancel or update automated trades to avoid potential financial losses.
In the immediate aftermath of this delisting news, the value of KP3R, OOKI, and UNFI tokens dropped significantly.
Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
This is not surprising, considering that Binance’s history of token delisting has often resulted in price volatility, leading to significant price declines in the associated altcoins.
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