Binance announced on Tuesday that it will delist eight altcoin trading pairs on December 10. Binance, the world’s largest cryptocurrency exchange, stated that this decision is aimed at improving market quality. The trading pairs that will be delisted will not be active as of 03:00 UTC on December 10.
Binance’s Delisting Decisions and Reasons
Binance stated that it evaluates listings with high standards, periodically reviews its token catalog, and removes those that do not meet liquidity and trading volume thresholds during this process. The exchange emphasized that tokens that are deemed inadequate in performance should be delisted, with a commitment to protecting users and providing a quality trading environment. Binance said in a statement on the subject, “When a coin or token no longer meets these standards or when market dynamics change, we conduct a deeper review and potentially delisted. Our goal is to provide users with the best service and protection and to adapt to changing market conditions.”
Delisted Altcoins and Trading Pairs
Binance has announced the trading pairs it plans to delist. These trading pairs and related projects are:
GFT/USDT – Gifto: Web3 blockchain solution
IRIS/BTC and IRIS/USDT – IRISnet: Cryptocurrency and service protocol
KEY/USDT – SelfKey: Blockchain-based self-sovereign identity system
OAX/BTC and OAX/USDT – OAX: Cryptocurrency exchange platform developed by ANX International
REN/BTC and REN/USDT – Ren: A protocol that provides interoperability between different blockchain platforms
Binance announced that once the trading pairs are delisted, it will automatically remove all trading orders as well.
Precautions to be taken by users
Binance advised users that they will not be able to update their positions during the delisting process and that they should close their positions or transfer their assets from their Margin Wallets to their Spot Wallets before margin trading is suspended. It was emphasized that these transactions must be made by 2024-12-04 06:00 (UTC). Binance stated that users may experience potential losses if they do not take these steps. In addition, the exchange will also terminate spot trading bot services for these trading pairs. Investors are advised to cancel or update their automatic trades.
Market Responses and Impacts
Following the delisting announcements, the prices of GFT, IRIS, KEY, OAX, and REN tokens have seen a significant drop. This drop may be due to investors losing confidence in the future of these tokens, which in turn increases selling pressure. Such price movements have historically been common after delistings from major exchanges, leading to mass sell-offs.
Similarly, token listings often lead to price increases. When Binance last listed SLERF and SCRT, these tokens saw a significant increase in value. Also, when Akash Network (AKT) was listed by Binance, it saw a 30% price increase. This shows how Binance’s listing decisions can have a significant impact on the market. On the other hand, delisting decisions can also negatively affect the value of altcoins.