Binance has just made a pivotal announcement that will impact users globally: five cryptocurrencies are set to be removed from the platform. This decision comes as part of Binance’s ongoing commitment to ensuring compliance with evolving regulatory and operational standards. If you hold any of these tokens, it’s time to take swift action to safeguard your assets!
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📅 Delisted Tokens and Trading Pairs
The following cryptocurrencies will no longer be available for trading starting December 10, 2024, at 03:00 UTC:
1. Gifto (GFT)
2. IRISnet (IRIS)
3. SelfKey (KEY)
4. OAX (OAX)
5. Ren (REN)
Affected Trading Pairs:
GFT/USDT
IRIS/USDT
KEY/USDT
OAX/BTC, OAX/USDT
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🗓️ Key Dates to Remember
End of Spot Trading: December 6, 2024
Deposits Disabled: December 12, 2024
Withdrawals Close: February 12, 2025
Ensure you manage your holdings before these deadlines to avoid disruptions.
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📉 Market Reaction: Price Declines
The announcement has triggered notable market volatility for the affected tokens:
Gifto (GFT): -30.6%, now trading at $0.01242
SelfKey (KEY): -29.7%, now at $0.00262
OAX (OAX): -37.2%, marking the largest drop
Ren (REN): -36.1%, now priced at $0.03716
IRISnet (IRIS): -34.8%
These significant price drops underscore the urgency of taking proactive measures.
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🧐 Why Binance is Delisting These Tokens
Binance regularly assesses the assets listed on its platform to ensure alignment with its standards for security, compliance, and innovation. The decision to delist these tokens is based on several factors:
Lack of Development or Progress: Projects that fail to meet milestones or demonstrate growth.
Security Concerns: Issues related to the network’s stability or safety.
Regulatory Concerns: Tokens that may no longer align with evolving regulatory frameworks.
By removing these tokens, Binance aims to uphold its reputation as a secure and reliable trading platform for users worldwide.
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🔑 Next Steps for Affected Users
If you hold any of the delisted tokens, here’s what you need to do:
1. Withdraw Tokens: Move your assets to external wallets or alternative exchanges before February 12, 2025.
2. Manage Futures Positions: Note that KEYUSDT and RENUSDT perpetual contracts will settle automatically on December 3, 2024.
3. Monitor for Conversion Options: Binance may offer conversion to stablecoins post-February 13, 2025, though this is not guaranteed.
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🌐 Stay Ahead and Stay Informed
While delistings can be challenging, they reflect Binance’s dedication to maintaining a compliant and secure trading environment. Don’t delay—act now to protect your investments!
For further updates, follow Binance’s official channels to stay informed about changes and future announcements. 🚀
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