Binance has announced that five crypto assets will be removed from the exchange following its latest review. The affected tokens include Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OpenANX (OAX), and Ren (REN). Here are the details…

Delisting Announcement for IRIS Coin and Other Tokens

Binance stated that it conducts regular reviews to ensure that the crypto assets it lists continue to meet industry standards and requirements. According to the latest announcement, Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OpenANX (OAX), and Ren (REN) tokens will be delisted from the exchange on December 10, 2024 at 06:00 UTC. Afterwards, deposits and withdrawals will be restricted. Binance stated the following in its statement:

“When a token does not meet our standards or when the industry landscape changes, we conduct an in-depth review and potentially delist it. Our goal is to provide the best service and security to our users while adapting to market dynamics.”

The exchange stated that the decision to delist the tokens was based on several factors:

  • Development activities and team commitment

  • Trading volume and liquidity

  • Network security and stability

  • Ability to respond to due diligence requests

  • Contribution to a sustainable crypto ecosystem

  • Compliance with regulatory requirements

Trading pairs such as GFT/USDT, IRIS/BTC will be removed on December 10, 2024 and all open orders will be canceled. After December 11, 2024, deposits made for these tokens will not be credited to accounts. Withdrawals will not be supported after February 12, 2025. These tokens will be converted to stablecoins starting February 13, 2025. The prices of the delisted tokens decreased after the announcement. Below are the price changes and features of each token:

  • Gifto (GFT): A platform that allows the creation and sharing of blockchain-based virtual gifts, launched in 2017. Following the Binance announcement, GFT lost 30% of its value.

  • IRISnet (IRIS): A blockchain protocol that integrates on/off chain business processes for small and medium-sized businesses. IRIS lost 37% of its value after the announcement.

  • SelfKey (KEY): A blockchain platform that provides digital identity management. KEY fell 28% after delisting.

  • OpenANX (OAX): A decentralized exchange platform that promotes secure trading environments. OAX is down 37%.

  • Ren (REN): A protocol focused on blockchain interoperability. REN is down 36%.