Binance announced the delisting of five digital assets: Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN). The delisting, scheduled for December 10, 2024, at 03:00 UTC, affects the following trading pairs: GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT. The exchange said the decision was made after reviewing its products' performance and regulatory standards.
Binance Explains Delisting Decision
Binance explained that the delisting reflects its commitment to maintaining the quality of its trading platform. The exchange delists tokens that no longer meet its standards or market conditions change.
Binance warned that after the delisting, it will cancel all pending orders for these tokens and suspend deposits. Withdrawals for the affected tokens will remain open until February 2025, allowing users time to manage their holdings.
Gifto Issues 1.2 Billion Tokens Despite Delisting
Despite the upcoming delisting, the Gifto project still issued an additional 1.2 billion tokens, transferring them to major exchanges, including Binance, Bitget, and KuCoin.
The move has attracted attention as Gifto is Binance’s first Initial Exchange Offering (IEO). The token issuance comes during a period of high volatility in GFT’s market performance.
GFT Price Plunges as Market Reacts
Gifto (GFT) has lost 35.08% of its value over the past 24 hours, falling to $0.007207. The price chart shows a previous spike, with GFT reaching $0.012 before falling sharply.
Trading activity remains strong, however, with volume up 200% to $53.17 million over the past day. Gifto's market cap reached $16.13 million, up 40.13% due to increased token circulation.
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