Binance withdraws 5 tokens from its platform
This November 26, Binance formalized the withdrawal of Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX) and Ren (REN) from its platform. As of December 10, these altcoins will no longer be able to be traded on the platform. Affected pairs include GFT/USDT, KEY/USDT and REN/BTC.
Binance justifies this delisting with an in-depth analysis based on rigorous criteria such as trading volume, quality of development teams, network stability and compliance with regulatory requirements. As these altcoins have not met these criteria, their removal is presented as a necessary measure to preserve the security and efficiency of the ecosystem.
Affected investors should take action quickly. Deposits will be blocked from December 11 and withdrawals will no longer be possible after February 12, 2025. Binance announced that a possible conversion to stablecoins could be offered for the remaining assets, but this option is not guaranteed, adding a additional uncertainty for holders.
Altcoins are coming out, but new ones are already arriving
The announcement has already had a considerable impact on the price of the altcoins concerned. Ren (REN) tumbled 26.94%, while Gifto (GFT), IRISnet (IRIS), SelfKey (KEY) and OAX (OAX) also saw significant declines, 33.13%, 34.90% respectively. %, 26.09% and 35.07%.
However, Binance is not turning its back on small-cap altcoins. On November 22, 2024, the platform expanded its offering by launching new trading pairs, including APE/FDUSD, FDUSD/USDC, HBAR/USDC, OM/USDC, RAY/USDC, TAO/USDC and TURBO/FDUSD. Additionally, Trading Bots services have been enabled for these new pairs, allowing users to benefit from automated strategies to optimize their trades.
Watch out for new listings, read our article: New Binance listing: why it is not recommended to invest
Moral of the story: When one door closes, another opens.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent information. This article aims to provide accurate and relevant information. However, we encourage readers to verify the facts on their own and consult a professional before making any decision based on this content.
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