- Binance delists GFT, IRIS, KEY, OAX, and REN, citing performance and legal benchmarks.
- Gifto issues 1.2B tokens ahead of delisting, sparking market volatility and a 35% price drop.
- Withdrawals for delisted tokens remain open until February 2025 for users to manage holdings.
Binance announced the delisting of five digital assets: Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN).
The removal, scheduled for December 10, 2024, at 03:00 UTC, affects these trading pairs: GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT. The exchange stated the decision came after a standard review of its products against performance and legal benchmarks.
Binance Explains Delisting Decision
Binance explained that the delisting reflects its commitment to maintaining the quality of its trading platform. The exchange delists tokens that no longer meet its standards or changing market conditions.
Binance warned that after the delisting, it will cancel all pending orders for these tokens and stop deposits. Withdrawals for the affected tokens will stay open until February 2025, allowing users time to manage their holdings.
Gifto Issues 1.2 Billion Tokens Despite Upcoming Delisting
Despite the upcoming delisting, the Gifto project issued an additional 1.2 billion tokens, transferring them to major exchanges, including Binance, Bitget, and KuCoin.
This move has attracted attention because Gifto was Binance’s earliest Initial Exchange Offering (IEO). The token issuance occurred during a period of sharp volatility in GFT’s market performance.
GFT Price Plummets as Market Reacts
Gifto (GFT) lost 35.08% of its value in the past 24 hours, falling to $0.007207. The price chart showed a spike earlier, with GFT reaching $0.012 before a sharp decline.
However, trading activity is strong, with volume up 200% to $53.17 million in the past day. Gifto’s market cap reached $16.13 million, a 40.13% increase due to increased token circulation.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
