World-renowned cryptocurrency exchange Binance has announced that some cryptocurrencies will be removed from the platform as part of its regular asset evaluation process. Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX) and Ren (REN) tokens will be removed from Binance’s spot trading pairs as of 06:00 (Turkey time) on December 10, 2024. This decision was made due to the fact that the relevant tokens no longer meet the high standards set by Binance and changes in market conditions.
Binance stated that it periodically reviews listed assets and that a token must meet certain criteria to remain on the platform. These evaluation criteria include the commitment of the project team, the quality of development activities, trading volume and liquidity, network security, regulatory compliance, and contributions to the overall crypto ecosystem. Following the latest review, it was decided that the tokens in question would be removed from the Binance platform.
Spot Trading Pairs to be Removed
The following trading pairs will be removed on December 10, 2024:
GFT/USDT
IRIS/BTC, IRIS/USDT
KEY/USDT
OAX/BTC, OAX/USDT
REN/BTC, REN/USDT
Once trading is stopped, open orders for these pairs will be canceled.
Deposit and Withdrawal Transactions
Deposits for these tokens will be suspended as of December 11, 2024 at 06:00 (Turkey time). Withdrawals will end as of February 12, 2025 at 06:00 (Turkey time).
Futures and Margin Transactions
Futures contracts for KEY and REN tokens will be closed on December 3, 2024 at 12:00 (Türkiye time).
Cross and isolated margin transactions will end on December 4, 2024 at 09:00 (Türkiye time).
Binance services such as Simple Earn, Auto-Invest, Trading Bots, Pay, Gift Card, and Convert will gradually stop trading these tokens.
Binance also noted that users may be able to convert their low-value assets into stablecoins (e.g. USDT), but this is not guaranteed. Users are advised to move the delisted tokens to their Spot Wallets and close their positions before the specified dates. Otherwise, they are warned that losses may be incurred during auto-selling, liquidation, or conversion processes.
Binance emphasized in its statement that such evaluations are critical to ensuring user security and supporting the sustainability of the crypto ecosystem. Stating that it will continue its transparency and user-oriented service approach, the platform recommended that users be careful and manage their assets in a timely manner.
