Tony Kim
November 26, 2024 at 10:12
Binance announces the removal of several tokens including GFT, IRIS, KEY, OAX, and REN starting December 2024, citing a comprehensive asset review process.
In a recent announcement, Binance, one of the leading cryptocurrency exchanges, revealed its plan to phase out several tokens, including GFT, IRIS, KEY, OAX, and REN, starting December 2024. The decision comes after a periodic review of digital assets. To ensure compliance with high industry standards, according to Binance.
Reasons behind deletion
Binance conducts regular evaluations of listed digital assets, taking into account various factors such as commitment of the project team, quality of development activity, trading volume, and network security. These assessments are crucial to maintaining a healthy and sustainable crypto ecosystem. The exchange noted that the tokens scheduled for delisting no longer meet the necessary criteria in its latest review.
Details of the deletion process
The delisting process will begin on December 10, 2024, at 03:00 UTC when all spot trading pairs for the mentioned tokens will cease. Affected trading pairs include GFT/USDT, IRIS/BTC, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT. Users are advised to observe the following key dates and actions:
- After December 11, 2024, deposits of these tokens will no longer be credited.
- Withdrawals will not be supported after February 12, 2025.
- Possible conversion of deleted tokens into stablecoins may occur after February 13, 2025, but this is not guaranteed.
Impact on Binance products
The deletion will affect several Binance services, including Simple Earn, loans, margin trading, and futures. Users with holdings in these tokens are encouraged to manage their positions and redeem their investments before the specified deadlines to avoid any potential losses.
For example, Binance Simple Earn will stop supporting these tokens by December 6, 2024. Likewise, Binance Futures will automatically settle and close positions on the KEYUSDT and REUSDT contracts by December 3, 2024. Users are advised to close existing positions to prevent automatic triggering. Settlements.
Tips for users
Binance urges users to monitor their wallets and make necessary adjustments before deletion dates. It is recommended to move assets from margin to spot wallets and settle any outstanding loans to mitigate the risks associated with the write-down.
This move by Binance underscores its commitment to maintaining a robust and secure trading environment, in line with evolving regulatory requirements and market conditions.
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