As usual, Binance did not provide details on each decision, but listed a number of factors that led to the delisting of these cryptocurrencies. These include a lack of commitment from the team, level of development, and trading volume.
Cryptocurrency traders on Binance. Photo: Kanchanara.
Binance, the world's largest cryptocurrency broker, announced on Tuesday (26) the removal of 5 projects from its platform. The coins remain available for trading until December 10.
While Bitcoin falls 4.7%, dragging the market down, these five cryptocurrencies fall as much as 37%.
Also on Tuesday (26), Changpeng Zhao, founder of Binance, attacked memecoins by stating that they are a little strange. However, it is worth remembering that the last listings of his brokerage were of memecoins.
Binance delists five cryptocurrencies from its platform
As usual, Binance did not provide details on each decision, but listed a number of factors that led to the delisting of these cryptocurrencies. These include a lack of team commitment, level of development and trading volume.
The five cryptocurrencies removed by Binance this Tuesday (26) were:
Gifto (GFT)
IRISnet (IRIS)
SelfKey (KEY)
OAX (OAX)
Pure (PURE)
At the time of writing, the projects that are suffering the most are IRIS (-37.5%), OAX (-36%) and GFT (-35%). Next come KEY (-29%) and REN (-27%).
Moment Irisnet (IRIS) price plummets after being delisted from Binance. Source: CoinMarketCap.
Since the largest volume of these cryptocurrencies is on Binance, the removal could drive away many investors, justifying the drop in prices. In addition, the decision also shows that there is something wrong with the projects.
Finally, Binance notes that withdrawals of these five cryptocurrencies will be allowed until February 12, 2025. After that, the exchange will be able to convert these coins into stablecoins, but this is not a guarantee. Therefore, it is better to hurry up and decide what to do with your coins if you are an investor.
Binance founder says memecoins are getting weird
While none of the five cryptocurrencies above are memecoins, Binance founder Changpeng Zhao lashed out at memes on Tuesday (26).
“I’m not against memes, but memecoins are getting a little weird now. Let’s create real applications using blockchain.”
His comments come after a series of complaints against memecoin creators and specialized platforms emerged on social media.
Regardless, Binance has been listing several memecoins in recent weeks. These include names like sudeng (HIPPO), Comedian (BAN), Degen (DEGEN), Slerf (SLERF), Why (WHY), and more.
Finally, with or without criticism, altcoins are operating in a sharp decline this Tuesday (26) while Bitcoin falls from US$ 99,000 to US$ 92,000.
This market correction should do some light cleaning for shady projects that were just riding the BTC boom. At the time of writing, several small cryptocurrencies, mostly memes, are trading at up to 99% down.