Categories: MarketsMenafn

Binance Delists Five Tokens, Causing Immediate Sell-Offs

Binance, the largest cryptocurrency exchange by trading volume, has announced plans to delist five tokens —Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN)— by December 10, 2024. 

Binance: Tokens do not Meet Industry Standards

The exchange announced the move in a statement on November 26, and attributed the decision to the tokens’ failure to meet the platform’s industry standards.

The delisting process will follow a structured timeline:

  • November 27: Suspension of isolated and cross-margin borrowings for the affected tokens.
  • December 3: Closure of arbitrage strategies, loans, and futures positions.
  • December 10: Removal of trading pairs for the delisted tokens.
  • December 11 and 12: Deposits and withdrawals of the tokens will no longer be supported.
  • Post-December 13: Binance may convert the remaining balances of these tokens into stablecoins, though no guarantee has been provided.

The announcement triggered a sharp sell-off, with the affected tokens losing nearly 40% of their value. 

Gifto (GFT) weekly chart. Source: CoinMarketCap

However, note that nany of these tokens had already seen diminished trading activity in recent months. 

REN’s trading volume, for example, fell from $34 million in March to $6 million in November, while OAX’s volume plummeted from $101 million in March to $468,000 in October. These declines highlight liquidity and adoption challenges, which are often red flags for both projects and investors.

Down They Go

Binance said these tokens failed the standard criteria but did not specify which, rather it just outlined general factors it evaluates for listings, including development teams’ commitment, the quality and progress of the projects, trading volume and liquidity, and resilience against security threats.

Binance urged affected token holders to manage their holdings before the final deadlines. However, it was too late already.

Community reactions have been mixed, with some users expressing frustration over developers’ perceived lack of communication. For instance, members of the Gifto community criticized the project for failing to provide updates on social media, further eroding confidence.

Amresh Poddar

Recent Posts

RXR.Lab Launches World’s First Blockchain Crowdfunding-Lottery Platform to Break the System: Lottery, Crowdfunding, and Real Equity in One

RXR.Lab Highlights: The world’s first crowdfunding and lottery platform RXR.Lab will be grand launched on…

6 hours ago

Ripple Price Analysis: Could XRP Maintain $2 As Its Key Support Level?

XRP continues to drift lower, with its price struggling to stay afloat above $2.15. After…

16 hours ago

Sony Electronics Singapore Now Accepts USDC Payments via Crypto.com

Sony Electronics Singapore is now accepting payments in USD Coin (USDC) on its online store,…

1 day ago

<div>Delta Exchange: Pioneering INR-Settled Crypto F&O Trading in India</div>

In the last three months of the year, trading volumes for cryptocurrencies like Bitcoin and…

2 days ago

Pi Network’s Token Sheds 75% in Three Months as Skepticism Grows

The Pi Network (PI) has plummeted over 75% in the past three months, collapsing from…

3 days ago

Chummy Tees Review Rising Trends in the Funny T-Shirt Industry

Sonora, California, 30th March 2025, ZEX PR WIRE, As humor continues to shape popular culture,…

4 days ago