Binance’s new delistings were revealed on Tuesday. The world’s largest crypto exchange has declared plans to cease trading eight altcoin spot trading pairs.
This action, set to take effect on December 10 at 03:00 UTC, reflects Binance’s attempts to enhance market quality.
What Binance Users Need To Do
Binance claims that it assesses the performance of its listed trading pairs as part of a commitment to ensure a high level of standard and industry requirements. With this standard, it periodically revises its token catalog, removing those that do not meet liquidity and volume thresholds. The exchange claims these measures protect users and uphold a high-quality trading environment.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” Binance said on Tuesday.
Against this backdrop, the largest crypto exchange by trading volume metrics plans to delist the following spot trading pairs.
- GFT/USDT for Gifto, a pioneering Web3 blockchain solution
- IRIS/BTC and IRIS/USDT for IRISnet, a service protocol and cryptocurrency
- KEY/USDT for SelfKey, a blockchain-based self-sovereign identity system
- OAX/BTC and OAX/USDT for OAX, a crypto exchange platform developed by ANX International.
- REN/BTC and REN/USDT for Ren. Ren is an open protocol built to provide interoperability and liquidity between different blockchain platforms.
The exchange will remove all trade orders automatically after trading ceases in each respective trading pair.
“Please note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2024-12-04 06:00 (UTC). Binance will not be responsible for any potential losses,” the exchange warned.
Therefore, users with an interest in these pairs may consider revising their trading strategies accordingly ahead of the Binance delistings. Importantly, the exchange will also terminate spot trading bot services for these pairs at the same time. Binance advises traders to either cancel or update their automated trades to avoid potential financial losses.
In the immediate aftermath of this round of delisting, GFT, IRIS, KEY, OAX, and REN prices have plummeted. This instability likely stems from investors losing confidence in the tokens’ prospects once the delistings happen, which could lead to further selling.
This turnout is unsurprising. Historically, token delistings from prominent exchanges tend to cause mass sell-offs.
In the same way, token listings act as bullish fundaments. The latter happened recently when Binance listed SLERF and SCRT, catapulting the token significantly amid a market frenzy.
The same happened to Akash Network (AKT), which rallied 30% on the Binance listing announcement. While listings fuel price surges, the latest turnout, therefore, reflects the impact of exchange delistings on an altcoin’s valuation.
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