Tony Kim
November 26, 2024 10:12
Citing its comprehensive asset review process, Binance announced the delisting of several tokens including GFT, IRIS, KEY, OAX, and REN from December 2024.
In a recent announcement, Binance, one of the leading cryptocurrency exchanges, revealed plans to delist several tokens including GFT, IRIS, KEY, OAX, and REN starting December 2024. This decision is made after periodic reviews of digital assets. According to Binance, it ensures compliance with high industry standards.
Reason for delisting
Binance conducts regular evaluations of listed digital assets, taking into account various factors such as project team commitment, quality of development activities, trading volume, and network security. These assessments are critical to maintaining a healthy and sustainable cryptocurrency ecosystem. In a recent review, the exchange noted that the tokens scheduled for delisting no longer meet the necessary criteria.
Delisting procedure details
The delisting will begin at 03:00 UTC on December 10, 2024, 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 encouraged to take note of the following key dates and actions:
- Deposits of these tokens will not be accepted after December 11, 2024.
- Withdrawals will not be supported after February 12, 2025.
- Conversion of delisted tokens to stablecoins may occur after February 13, 2025, but this is not guaranteed.
Impact on Binance Products
The delisting affects several Binance services, including Simple Earn, Loans, Margin Trading, and Futures. Users holding these tokens are advised to manage their positions and repay their investments before the specified deadline to avoid potential losses.
For example, Binance Simple Earn will discontinue support for these tokens by December 6, 2024. Likewise, Binance Futures will automatically settle and close positions on KEYUSDT and RENUSDT contracts until December 3, 2024. Users are advised to close existing positions to prevent automatic crediting. settlement.
Recommendations for users
Binance urges users to monitor their portfolios and make any necessary adjustments before the delisting date. To mitigate the risks associated with the delisting process, we recommend transferring assets from a margin wallet to a spot wallet and settling any outstanding loans.
This move by Binance highlights its commitment to maintaining a robust and secure trading environment in line with evolving regulatory requirements and market conditions.
Image source: Shutterstock