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Binance Delists GFT, IRIS, OAX, and Other Tokens: What You Need to Know
In a significant move, Binance, the world’s largest cryptocurrency exchange, has announced the delisting of five tokens: Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX, and Ren (REN). The delisting will take effect on December 10, 2024, with trading pairs such as GFT/USDT, IRIS/USDT, OAX/BTC, and others set to be removed.
Why Did Binance Delist These Tokens?
Binance periodically reviews its listed assets to ensure they meet the exchange's high standards. According to Binance, the delisting decision was based on several factors, including:
Low Trading Volume: A decline in trading activity and liquidity often signals reduced user interest and adoption. For instance, OAX’s trading volume fell dramatically, from $101 million in March to $468,000 by October
Compliance and Development Issues: Binance evaluates projects for their commitment to development, team responsiveness, and updates. Community members of Gifto (GFT) expressed frustration over a lack of project updates, hinting at management issues
Market Adaptation: The crypto landscape evolves rapidly, and assets failing to keep up with market or regulatory changes may no longer align with Binance's listing criteria
Impact on the Tokens
The announcement led to significant price drops across the delisted tokens:
Gifto (GFT): Dropped by 32%.
IRISnet (IRIS): Fell by 36%.
OAX: Decreased by 31%.
Other tokens such as SelfKey and Ren also experienced losses
User Actions Required
Binance has advised users to:
Close Open Positions: Ensure margin trades are settled before margin trading closes.
Withdraw Assets: Transfer tokens to personal wallets before withdrawal services end in early 2025.
Cancel Automated Orders: Trading bots and automated systems tied to these tokens must be disabled to avoid losses.
Broader Implications
The delisting highlights the risks of investing in low-liquidity or underperforming altcoins. It also emphasizes Binance's intent to focus on high-quality and liquid assets to maintain its market leadership and user trust.
#DelistingNotice #IRIS #GFT! #OAX $GFT
$IRIS
$OAX
Why Did Binance Delist These Tokens?
Binance periodically reviews its listed assets to ensure they meet the exchange's high standards. According to Binance, the delisting decision was based on several factors, including:
Low Trading Volume: A decline in trading activity and liquidity often signals reduced user interest and adoption. For instance, OAX’s trading volume fell dramatically, from $101 million in March to $468,000 by October
Compliance and Development Issues: Binance evaluates projects for their commitment to development, team responsiveness, and updates. Community members of Gifto (GFT) expressed frustration over a lack of project updates, hinting at management issues
Market Adaptation: The crypto landscape evolves rapidly, and assets failing to keep up with market or regulatory changes may no longer align with Binance's listing criteria
Impact on the Tokens
The announcement led to significant price drops across the delisted tokens:
Gifto (GFT): Dropped by 32%.
IRISnet (IRIS): Fell by 36%.
OAX: Decreased by 31%.
Other tokens such as SelfKey and Ren also experienced losses
User Actions Required
Binance has advised users to:
Close Open Positions: Ensure margin trades are settled before margin trading closes.
Withdraw Assets: Transfer tokens to personal wallets before withdrawal services end in early 2025.
Cancel Automated Orders: Trading bots and automated systems tied to these tokens must be disabled to avoid losses.
Broader Implications
The delisting highlights the risks of investing in low-liquidity or underperforming altcoins. It also emphasizes Binance's intent to focus on high-quality and liquid assets to maintain its market leadership and user trust.
#DelistingNotice #IRIS #GFT! #OAX $GFT
$IRIS
$OAX
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