Leading cryptocurrency exchange Binance has announced the delisting of five tokens—Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN)—from its platform, citing failure to meet industry compliance standards. According to a statement released on November 26, the trading pairs for these tokens will be removed by December 10. Preparatory measures include the closure of arbitrage strategies, loans, and futures positions on December 3, with the suspension of isolated and cross-margin borrowings from November 27.
The announcement has triggered a significant market reaction, with the affected tokens experiencing steep declines of nearly 40% in value, leaving their prices at record lows.
Binance, the largest crypto exchange by trading volume according to CoinGecko, reported a 24-hour trading volume of $44 billion on November 26, a 20% increase from the previous day. The platform currently supports 386 tokens and 1,275 trading pairs. However, Binance regularly reviews listed tokens against several criteria, including project development quality, team commitment, trading activity, liquidity, security, and responsiveness to due diligence. While specific reasons for the delistings were not disclosed, the exchange emphasized its commitment to maintaining high industry standards.
The delisted tokens represent diverse blockchain use cases, ranging from decentralized finance (DeFi) interoperability to blockchain-based gift-giving solutions. However, declining trading volumes and liquidity challenges appear to have contributed to their removal. For instance, data from CoinMarketCap reveals that REN’s trading volume dropped from $34 million in March to $6 million in early November, while OAX’s volume fell from $101 million to $468,000 during the same period. Low trading volume often signals poor adoption and diminished project activity, raising concerns among investors.
Community discontent has also surfaced. In a Telegram channel, Gifto community members criticized the project’s developers for their lack of communication. One member expressed frustration, saying, “I lost more dollars in this project and gave up because the devs don’t even post anything regarding this issue on their social media.”
Binance has further advised users that deposits for the affected tokens will not be credited after December 11, and withdrawals will cease after December 12. Post-December 13, Binance may convert remaining token balances into stablecoins on behalf of users, though it has cautioned that this is not guaranteed.
The delisting underscores Binance’s stringent oversight of listed tokens to ensure alignment with evolving market and compliance standards. It serves as a reminder for project teams to maintain robust development, communication, and liquidity to retain their listings on major exchanges.