Binance
$24.23B
, a leading cryptocurrency exchange, announced its decision to remove five tokens from its trading platform by mid-December, stating the tokens’ inability to meet certain industry benchmarks.
As per the statement released on November 26, trading pairs for OAX
$0.1110
, IRISnet
$0.0105
, SelfKey
$0.0027
, Gifto
$0.0114
, and Ren
$0.0444
will be unavailable starting December 10.
Platform operations related to these tokens, such as arbitrage activities, loans, and futures, will cease earlier, on December 3. Additionally, borrowing for both isolated and cross-margin trading involving these tokens will halt on November 27.
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The announcement led to a sharp decline in the tokens’ market value, with each plummeting roughly 40%. Currently, the tokens are trading at significantly lower prices, measured in mere cents.
While the exchange refrained from providing explicit details about the shortcomings of the delisted tokens, it emphasized some of the critical criteria used for evaluations. These include project commitment, development progress, trading activity, liquidity, security against vulnerabilities, and responsiveness to due diligence procedures.
The delisting has also fueled criticism within affected communities. In a Telegram discussion, Gifto community members expressed frustration:
I lost more dollars in this project and gave up because the devs don’t even post anything regards to this issue on their social media.
According to Binance’s announcement, deposits of these tokens will no longer be processed after December 11, and withdrawals will cease after December 12. Following December 13, the platform may convert these assets into stablecoins for users, though it clarified that such conversions are not guaranteed.
Binance’s delisting decision isn’t the only chaos rocking the crypto world this week. Just days ago, a flash crash involving 5,200 WBTC sent shockwaves through the market. What caused this dramatic plunge? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
