In a notable development, Binance, the leading cryptocurrency exchange, has revealed its decision to delist five digital assets: Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX, and Ren (REN). Effective December 10, 2024, trading pairs including GFT/USDT, IRIS/USDT, and OAX/BTC will no longer be available on the platform.
๐๐ก๐ฒ ๐๐ก๐๐ฌ๐ ๐๐จ๐ค๐๐ง๐ฌ ๐๐๐ซ๐ ๐๐๐ฆ๐จ๐ฏ๐๐
Binance conducts periodic evaluations of listed cryptocurrencies to ensure they align with the exchange's stringent standards. The delisting decision was driven by several critical factors:
1. ๐๐๐๐ฅ๐ข๐ง๐ข๐ง๐ ๐๐ซ๐๐๐ข๐ง๐ ๐๐๐ญ๐ข๐ฏ๐ข๐ญ๐ฒ: Diminished trading volumes often reflect waning interest. For instance, OAX saw its daily trading volume plummet from $101 million in March to a mere $468,000 by October.
2. ๐๐๐๐ค ๐จ๐ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ: Tokens like Gifto (GFT) faced criticism from their communities for insufficient updates and unresponsive management, highlighting a lack of progress in project development.
3. ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ: The fast-changing crypto market demands adaptation. Tokens that fail to evolve with regulatory or market trends may no longer meet Binance's listing criteria.
๐๐๐ซ๐ค๐๐ญ ๐๐๐๐๐ญ๐ข๐จ๐ง ๐๐ง๐ ๐๐๐ฑ๐ญ ๐๐ญ๐๐ฉ๐ฌ
The announcement triggered sharp price declines for the affected tokens, with Gifto (GFT) and IRISnet (IRIS) plunging by over 30% each. Other assets, including SelfKey and Ren, also suffered significant losses. Binance has urged users holding these tokens to close open positions, withdraw their assets to private wallets, and disable any automated trading systems linked to the delisted pairs.
๐๐๐ฌ๐ฌ๐จ๐ง๐ฌ ๐๐จ๐ซ ๐๐ง๐ฏ๐๐ฌ๐ญ๐จ๐ซ๐ฌ
This move underscores the inherent risks of investing in low-liquidity or underperforming altcoins. Binanceโs action demonstrates its commitment to prioritizing robust, high-quality assets that align with market trends and user expectations. For investors, the delisting serves as a reminder to monitor the performance and development of their holdings closely.
#delistning
