Binance’s new delistings were revealed on Tuesday. The world’s largest cryptocurrency exchange announced plans to halt trading on eight altcoin spot trading pairs.
The move, which is set to go into effect on December 10 at 03:00 UTC, reflects Binance’s attempts to improve market quality.
What Binance Users Need to Do
Binance claims that it evaluates the performance of listed trading pairs as part of its commitment to ensuring a high level of standards and industry requirements. With this criterion, it periodically reviews the token catalog, removing those that do not meet liquidity and volume thresholds. The exchange claims that these measures protect users and maintain a high-quality trading environment.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a deeper review and may delist it. Our priority is to ensure the best services and protection for our users while continuing to adapt to evolving market dynamics,” Binance said Tuesday.
In this context, the largest cryptocurrency exchange by trading volume is planning to delist the following spot trading pairs.
GFT/USDT for Gifto, a leading blockchain solution in Web3
IRIS/BTC and IRIS/USDT for IRISnet, a service protocol and cryptocurrency
KEY/USDT for SelfKey, a blockchain-based self-sovereign identity system
OAX/BTC and OAX/USDT for OAX, a cryptocurrency exchange developed by ANX International.
REN/BTC and REN/USDT for Rain. Rain is an open protocol that provides interaction and liquidity between different blockchain platforms.
The exchange will automatically remove all trading orders after trading stops in each trading pair concerned.
“Please note that users will not be able to update their positions during the delisting process, and are strongly advised to close their positions and/or transfer their assets from margin wallets to spot trading wallets before margin trading stops at 2024-12-04 06:00 (UTC). Binance will not be responsible for any potential losses,” the exchange warned.
Therefore, users interested in these pairs may consider reviewing their trading strategies accordingly before Binance delists. Importantly, the exchange will also terminate its spot trading bot services for these pairs at the same time. Binance advises traders to either cancel or update their automated trades to avoid potential financial losses.
Following this round of delisting, the prices of GFT, IRIS, K, OAX, and RIN fell sharply. This turmoil is likely due to investors losing confidence in the prospects of these tokens once the delisting occurs, which could lead to further selling.
