Binance announced plans to delist four cryptocurrencies IDRT, KP3R, OOKI, and UNFI on November 6, causing their prices to drop by 0.5% to 46%.
An intriguing turn of events occurred on Wednesday when the largest cryptocurrency exchange Binance revealed their intention to delist four cryptocurrencies. This announcement caused market participants all around the world to raise their eyebrows.
The digital asset exchange announced their intention to delist the cryptocurrencies Rupiah Token, Keep3rV1, Ooki Protocol, and Unifi Protocol DAO in the near future. At the same time, the prices of IDRT, KP3R, OOKI, and UNFI all decreased by 0.5% to 46% in tandem with the announcement.
Binance To Delist IDRT, KP3R, OOKI, and UNFI Raising Market Concerns
Market experts predict further declines in coin prices due to the withdrawal of support from one of the most prominent cryptocurrency exchanges. Binance, the cryptocurrency exchange giant, announced in a press statement on October 23 that it plans to remove the IDRT, KP3R, OOKI, and UNFI cryptocurrencies from its list of cryptocurrencies on November 6.
The release details the specific trading pairs that will undergo deletion: KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, and USDT/IDRT. The exchange will cease trading and remove all trade orders in each specific trading pair on the specified date.
Following completion of the delisting procedure, the valuation of the aforementioned tokens will not be accessible in the wallets of users, as demonstrated by this scenario. The exchange further clarified that it will not credit deposits of these tokens to any user’s account after November 7th. At the same time, the exchange will stop allowing withdrawals for these tokens after February 6, 2025, starting at three o’clock in the morning UTC.
The standard procedure for converting stablecoins could ensure a smooth delisting process for users after the seventh of February in the following year. The release, on the other hand, made it clear that this change is not yet certain and that the digital asset trading platform will inform its users in the event that it does.
The notification states that after November 11 of this year, Binance Simple Earn will remove the four tokens from its list. Additionally, after the end of the trading day on October 30 at 9:00 UTC, the UNFIUSDT USD-Margined perpetual contract will terminate. Additionally, the cryptocurrency exchange announced that it will no longer provide support for the KP3R, OOKI, and UNFI Cross and Isolated Margin pairs, among other items.
Bearishness has been reverberating throughout the industry as a whole for these four digital assets as a result of the news. At the time of this publication, the price of KP3R has experienced a decline in value of 41% and is currently trading at $31.47. During the course of the day, the coin reached a low of $32.53 and a high of $54.08.
At the same time, the price of IDRT was trading at $0.00006377, which was a decrease of roughly 0.5% at the time of publication. After twenty-four hours, the lowest price of the coin was $0.00006374, and its highest price was $0.0000641. There was a 42% drop in the price of UNFI during the day, and it is presently trading at $1.57. From the beginning of the day until the end, it ranged from $1.60 to $2.78.
The price of OOKI has dropped by 46% over the course of the previous day, and it is currently trading at $0.0007154. The coin reached a low of $0.0007115 and a high of $0.001373, respectively, during the course of the day. Particularly noteworthy is the fact that the cryptocurrency in question had a price drop that mostly mirrored a bearish market mood in light of Binance’s decision to stop providing support.
On the other hand, the cryptocurrency exchange has recently “listed” Simon’s Cat, leading to price increases for CAT. The collective stories underscore the significant impact of the digital asset company on the industry.
