Originally published on: November 26, 2024
Binance, the leading cryptocurrency exchange, has announced the delisting of five tokens due to non-compliance with industry standards, causing these tokens to plummet by nearly 40%.
The affected tokens include Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN), with trading pairs set to be delisted by December 10. The sudden announcement has triggered a significant sell-off, with prices dropping to mere cents as a result.
Binance, known for its high trading activity, currently lists 386 tokens and 1,275 trading pairs on its platform, with a trading volume of $44 billion on November 26. While the exchange did not specify the exact reasons for delisting these tokens, it highlighted key factors such as project commitment, development quality, trading volume, and liquidity, among others.
The delisted tokens cater to various blockchain solutions, from gift-giving to decentralized exchanges and DeFi interoperability. However, their dwindling trading volumes over recent months raised concerns about liquidity and adoption.
Some community members voiced dissatisfaction with the lack of project updates, highlighting the importance of transparency in the crypto space. Binance has advised users to withdraw their tokens before the specified deadlines to avoid any inconveniences.
As the crypto market continues to evolve, staying informed about such developments is crucial. Stay updated on the latest trends and news by subscribing to our Crypto Biz newsletter for valuable insights every Thursday.