Binance announces the removal of various cryptocurrencies from all trading pairings, resulting in major price drops in the market.
Binance, a leading cryptocurrency exchange, has announced plans to delist several tokens, including Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN), across all trading pairs.
This decision follows a routine review to ensure that listed assets continue to meet the platform’s stringent standards and adapt to evolving industry requirements.
Binance to Delist GFT, IRIS, KEY, OAX, and REN
On November 26, Binance revealed its intention to remove the tokens Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) from trading.
The announcement sparked immediate market reactions, with the prices of these tokens dropping between 25% and 40% as traders sought to liquidate their holdings ahead of the delisting.
Trading for the affected pairs, including GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT, will cease according to the announced schedule.
Binance warned users that any pending orders will be canceled after trading ends.
Additionally, deposits for these tokens will no longer be credited after the delisting date, and withdrawals will be supported only until February 2025.
This decision aligns with Binance’s periodic asset review process, which evaluates various factors, including trading volume, project progress, and network stability.
The exchange emphasized that the move reflects its dedication to maintaining high standards for its listings and ensuring a secure trading environment.
Binance encouraged holders of the affected tokens to take action before the deadline to mitigate potential portfolio disruptions.
Price Declines and Market Impact
The announcement led to significant price declines for the delisted tokens. Gifto (GFT) is trading at $0.01212, a 32% drop over the past 24 hours, with a 24-hour low of $0.01176 and a high of $0.01814. IRISnet (IRIS) plummeted 36% to $0.01058, with a low of $0.009892 and a high of $0.01735.
SelfKey (KEY) experienced a 30% decline, now trading at $0.002651, with its 24-hour range between $0.002565 and $0.004157. OAX has dropped 31% to $0.114, hitting a low of $0.1096 and a high of $0.1692.
Ren (REN) currently trades at $0.03942, down 32%, with its range spanning $0.0352 to $0.05911. Notably, Ren still shows a 15% gain over the past month despite the recent drop.
The delisting decision triggered a widespread sell-off, with investors reacting swiftly to the news, leading to sharp declines across the affected tokens.