Binance Will Delist 'These 5 Coins' on 12/10
The world's largest exchange, Binance, issued an announcement yesterday (26th), stating that on December 10, 2024, at 11 AM (Taiwan time), it will delist all spot trading pairs for the following 5 cryptocurrencies: Gifto ($GFT), IRISnet ($IRIS), SelfKey ($KEY), OAX ($OAX), and Ren ($REN).
Binance stated in the announcement that it will regularly review the listed crypto assets to ensure that the coins on the platform are of high standards.
When contemporary coins no longer meet listing standards due to significant changes in the industry environment, Binance will conduct an in-depth project review and may delist them. Key considerations include: the team's commitment to the project, the level and quality of project advancement, trading volume and liquidity, network stability and security, and the level of contribution to the overall blockchain ecosystem.
Introduction to the 5 Coins that Binance Will Delist
Gifto ($GFT): A project that utilizes blockchain technology and is dedicated to the field of content creators, aiming to provide creators with new financing and reward mechanisms to change the traditional content creation model.
IRISnet ($IRIS): A blockchain network developed using Cosmos SDK, granting it strong interoperability within the Cosmos ecosystem through the IBC protocol, dedicated to becoming the infrastructure for decentralized applications (dApps).
SelfKey ($KEY): A decentralized platform that allows users to have self-sovereign identities, enabling users to securely own and protect their data from third-party interference.
OAX ($OAX): Divided into Layer 1 and Layer 2 protocols. Layer 1 is built on the Ethereum mainnet using the $OAX token, while Layer 2 provides a scalable solution for decentralized exchanges.
Ren ($REN): An open-source blockchain protocol that provides interoperability and liquidity between different blockchain platforms, with its main product being RenVM, a protocol that brings interoperability to decentralized finance (DeFi).
Binance Announcement Impact: 5 Coins Have Plummeted
After Binance announced the delisting of these 5 coins, their prices were severely impacted. As of this morning (27th), $REN dropped 19.17% in a single day, $GFT fell 36.78%, $OAX declined 42.21%, $IRIS fell 41.14%, and $KEY also dropped 29.37%.
Since Binance is the largest centralized exchange by trading volume globally, the liquidity for these coins may also significantly decrease after their delisting, which may lead to ongoing negative impacts. Investors need to closely monitor their future performance.
Source: Binance will delist Gifto ($GFT), IRISnet ($IRIS), SelfKey ($KEY), OAX ($OAX), and Ren ($REN) on 12/10.
What Should Users Be Aware of When Binance Delists These Coins?
According to Binance's announcement, users need to pay attention to the following points:
After 11 AM on December 10, 2024, the aforementioned coins will no longer be available for spot trading on the Binance platform, and all open orders will be automatically canceled.
After 11 AM on December 11, 2024, deposits for the aforementioned coins will no longer be accepted.
After 11 AM on February 12, 2025, withdrawals for these coins will also stop, so holders need to remember to withdraw them.
After 11 AM on February 13, 2025, if users still hold these coins in their Binance accounts, they may be automatically converted into stablecoins, but the conversion rate cannot be guaranteed.
Binance also mentioned that earning products related to the aforementioned coins, both flexible and fixed, as well as lending services will also be adjusted or halted accordingly. Therefore, users need to pay attention to the relevant time points to avoid financial losses.
'For those who have purchased! Binance will delist these 5 coins on 12/10, the worst has already dropped 40%' This article was first published on 'Crypto City'.
