Binance, one of the largest cryptocurrency exchanges, announced plans to remove trading pairs for five tokens by Dec. 10, citing non-compliance with its listing standards.
Tokens Affected
The delisted tokens are Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN). Changes to trading include:
- Nov. 27: Suspension of isolated and cross-margin borrowings for the tokens.
- Dec. 3: Closure of arbitrage strategies, loans, and futures positions.
Market Impact
Following the announcement, the affected tokens experienced a sharp sell-off, with prices dropping nearly 40%. At the time of writing, these tokens are trading at a fraction of their former value.
Binance’s Listing Criteria
Binance evaluates tokens based on several factors, including:
- The development team’s dedication to the project.
- Quality of updates and technological progress.
- Trading volume and liquidity.
- Security and stability against potential attacks.
- Responsiveness to regular compliance checks.
The exchange did not disclose specific reasons for the delistings but reaffirmed its commitment to maintaining high standards for listed assets.
Binance’s Market Presence
With over 1,200 trading pairs and a trading volume of $44 billion as of Nov. 26, Binance remains the largest cryptocurrency exchange globally. Its decision to delist tokens often signals significant shifts for the projects involved.
Summary Review: Binance’s decision to delist five tokens, including GFT and REN, led to sharp price drops of nearly 40%. The move underscores the exchange’s commitment to maintaining robust listing standards while pushing projects to meet high operational and security benchmarks.
Disclaimer: Nothing in this article, or any content from Web30 News, should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves risks, and investors should be aware that capital is at risk and returns are never guaranteed. Please conduct thorough research and consult with a qualified financial advisor before making any investment decision.
