In a move that has sent shockwaves through the cryptocurrency community, Binance, the world’s largest digital asset exchange, has announced the removal of several spot trading pairs from its platform.
The affected tokens include Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX, and Ren (REN).
This decision by Binance has already resulted in significant price declines for these cryptocurrencies, with GFT falling by 28.54% in the last 24 hours, KEY dropping 26.08%, OAX declining 34.56%, and REN plummeting by 38.79%.
Binance’s Rationale and Delisting Process
Binance has stated that its decision to delist these trading pairs is part of its ongoing review process to ensure high-quality digital assets are listed on its platform.
The exchange emphasized that when a token no longer meets its listing standards or when there are major changes in the industry environment, it will conduct an in-depth project review and may ultimately delist the asset.
Binance has reiterated its commitment to prioritizing user experience and adapting to market conditions, with the protection of its users being the top priority.
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Timeline and Impact on Binance’s Services
According to the announcement, Binance will be removing the affected trading pairs at 11:00 ET on December 10, 2024.
This will impact a wide range of Binance’s services, including spot trading, lending, borrowing, futures, and more.
The exchange has provided a detailed timeline outlining the various deadlines and processes users must follow to manage their positions in these delisted tokens.
This includes the suspension of deposits, the closure of outstanding orders, the liquidation of leveraged positions, and the eventual conversion of token balances into stablecoins.
Cryptocurrency Prices Plummet Following Binance’s Announcement
The delisting of these spot trading pairs on Binance has had a severe impact on the prices of the affected cryptocurrencies.
Gifto (GFT) is currently trading at $0.01291, down 28.54% in the past 24 hours and 24.67% in the past 7 days, with a market cap of $12,923,201.
SelfKey (KEY) is priced at $0.002791, representing a 26.08% decline in the last 24 hours and a 22.86% drop over the past week, with a market cap of $16,749,234.
OAX has seen a 34.56% price decline in the last 24 hours, trading at $0.1126 and with a market cap of $6,231,209.
Ren (REN) has been hit the hardest, with a 38.79% price drop in the past 24 hours, now trading at $0.03562 and with a market cap of $36,518,674.
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