🔷 In a recent announcement, Binance, one of the world’s largest cryptocurrency exchanges, revealed that it will be delisting five cryptocurrencies from its platform. This move is set to take effect on December 10th, 2024, at 03:00 UTC. The coins affected by this delisting are Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN).

Here’s a breakdown of the delisting process and its impact on traders and holders of these cryptocurrencies.

🔶 Delisting Details: Which Coins Are Affected?

As part of its routine platform maintenance and commitment to supporting only high-quality and active projects, Binance has decided to remove trading pairs associated with five cryptocurrencies. The coins set to be delisted include:

  1. Gifto (GFT)

  2. IRISnet (IRIS)

  3. SelfKey (KEY)

  4. OAX (OAX)

  5. Ren (REN)

The specific trading pairs affected will be:

  • GFT/USDT

  • IRIS/BTC

  • IRIS/USDT

  • KEY/USDT

  • OAX/BTC

  • OAX/USDT

  • REN/BTC

  • REN/USDT

As of the delisting date, users will no longer be able to trade these pairs on Binance.

🔶 Key Dates to Remember

Binance has set clear dates for the suspension of various activities related to the delisting. Here’s a timeline of key events:

  • December 10, 2024 (03:00 UTC) – The aforementioned trading pairs will be removed from the platform.

  • December 11, 2024 (03:00 UTC) – Deposits of the five delisted cryptocurrencies will no longer be supported on Binance.

  • February 12, 2025 (03:00 UTC) – Withdrawals of the affected cryptocurrencies will be fully suspended.

Users holding these assets are advised to act promptly to transfer or convert their holdings before the deadlines.

🔶 What Does This Mean for Users?

1. Suspension of Deposits and Withdrawals

As the delisting date approaches, Binance will first stop supporting deposits for the affected coins on December 11, 2024. This means that users will not be able to send these coins to Binance after that date. Therefore, if you hold any of these cryptocurrencies on Binance, it’s crucial to withdraw or convert them into another asset before the deposit suspension takes effect.

2. Automatic Deactivation of Orders

Once the delisting happens on December 10th, any open orders related to the affected trading pairs will automatically be canceled. This includes limit and market orders for GFT/USDT, IRIS/BTC, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT. Therefore, users should be prepared to manage their open orders before the cutoff date.

3. Impact on Cycle Transactions

Both KEY (SelfKey) and REN (Ren Protocol) will be removed from Binance’s cycle transactions. This means these assets will no longer be available for automated periodic purchases, which could impact users who rely on the feature for regular investments.

🔶 Why Is Binance Delisting These Cryptocurrencies?

The reasons behind delistings can vary, but they typically involve factors like low trading volume, lack of development, or failure to meet Binance’s internal listing standards. Binance has emphasized its commitment to maintaining a healthy trading environment by periodically removing coins that no longer meet its criteria for liquidity, user demand, or security.

This move is part of Binance’s ongoing effort to ensure the platform remains efficient and focused on the most promising assets in the crypto market. While Binance did not provide specific reasons for each individual cryptocurrency’s delisting, these actions are aligned with the exchange’s history of keeping its platform clean and sustainable for users.

🔶 What Should Users Do Next?

If you are holding any of the affected cryptocurrencies on Binance, it’s essential to act quickly. Here are some recommended steps:

  1. Withdraw or Convert Your Coins: If you want to retain access to your holdings, it’s best to either withdraw them to an external wallet or convert them into another cryptocurrency or stablecoin before the deposit suspension on December 11th.

  2. Monitor Withdrawal Deadlines: Be aware of the final withdrawal deadline, February 12, 2025. After this date, you will no longer be able to withdraw the delisted coins from Binance.

  3. Check for Alternative Exchanges: If you still wish to hold any of these coins, research other exchanges or decentralized platforms that might continue supporting them. Make sure to transfer your assets well ahead of Binance’s suspension dates.

🔶 The Bigger Picture: Binance’s Delisting Strategy

Binance’s decision to delist these five cryptocurrencies highlights the dynamic nature of the crypto industry. Cryptocurrencies that were once highly popular can fall out of favor due to various reasons such as low project activity or shifts in market interest. As Binance continues to refine its listing standards, it’s clear that users need to stay proactive in managing their portfolios on exchanges, especially in such a fast-moving market.

The delisting process may seem inconvenient, but it’s a reminder of the volatility and the rapid changes in the cryptocurrency ecosystem. For users, it’s important to remain informed about such announcements and always have a backup plan for their holdings.

🔶 Conclusion: Take Action Before It’s Too Late

Binance’s delisting of Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) is a significant move, but it also offers users a chance to review their portfolios and make informed decisions. To avoid any disruptions, users should act swiftly by withdrawing or converting their affected coins before the delisting process is finalized. As the crypto space continues to evolve, it’s important for traders and investors to stay on top of exchange updates and make timely decisions to safeguard their assets.

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