Binance, the world's largest cryptocurrency exchange by trading volume, announced plans to delist five tokens in December, citing non-compliance with industry standards.
In a November 26 announcement, Binance revealed that it will delist trading pairs for Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) on December 10.
Arbitrage strategies, loans, and futures positions for these tokens will close on December 3, while individual borrowing and cross-margin lending will be suspended starting November 27.
The news sparked a sell-off, sending the token price down nearly 40% to just a few cents.
Binance, which lists 386 tokens and 1,275 trading pairs, recorded a trading volume of $44 billion on November 26, up 20% in 24 hours, according to CoinGecko.
The exchange did not specify which requirements the token failed to meet but highlighted regular review factors, including team commitment, development quality, trading volume, liquidity, and ability to respond to due diligence requests.
Impact on Tokens and Projects
The delisted tokens represent projects including blockchain giveaways, decentralized exchanges, and DeFi interoperability solutions.
Many of these tokens have seen a decline in trading volume.
For example, Ren’s trading activity dropped from $34 million in March to $6 million in November, while OAX saw a drop from $101 million in March to $468,000 in October, according to CoinMarketCap.
Low trading volume often signals poor liquidity and limited adoption, causing concern for both projects and investors.
Community response
In the Telegram channel, some Gifto community members criticized the developers for lack of communication.
“I lost more money on this project and gave up because the developers didn’t even post anything related to this issue on their social media,” one user complained.
Binance has warned users that token deposits will not be credited after December 11 and withdrawals will stop after December 12.
Users can convert tokens into stablecoins after December 13, but the exchange does not offer any guarantees.