Binance Delists 5 Tokens, Triggering 40% Price Crash: What You Need to Know

Binance has delisted 5 tokens: Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN).

The decision is effective immediately after a thorough review to ensure they meet Binance’s high listing standards. The delisted tokens are GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, and REN/USDT.

The delisting announcement caused immediate panic and the prices of the affected tokens dropped 25-40%. For traders, it’s not just the price drop, pending orders for these tokens will be cancelled after the delisting deadline. Deposits will no longer be credited and withdrawals will stop by Feb 2025. Binance advises users to act fast to avoid disruption to their portfolio.

These prices are a direct result of the delisting announcement.

Price Declines Across Affected Cryptocurrencies

The delisting has caused sharp declines in the prices of the five tokens:

• Gifto (GFT): Trading at $0.01212, GFT is down 32% in the past 24 hours, with its low and high at $0.01176 and $0.01814, respectively.

• IRISnet (IRIS): IRIS fell 36%, trading at $0.01058, with a 24-hour low of $0.009892 and a high of $0.01735.

• SelfKey (KEY): KEY dropped 30%, currently priced at $0.002651, ranging between $0.002565 and $0.004157.

• OAX (OAX): OAX has declined 31%, trading at $0.114, with a low of $0.1096 and a high of $0.1692.

• Ren (REN): REN is priced at $0.03942, down 32% in 24 hours, with a range of $0.0352 to $0.05911. Despite the drop, REN has gained 15% over the past month.

These steep declines highlight the immediate market impact of Binance’s delisting decisions, as investors rushed to liquidate holdings.

Why Binance Made This Decision

Binance’s decision to delist these tokens stems from its routine review process, which evaluates:

• Trading Volume and Liquidity: Declining metrics may lead to removal.

• Project Development: A lack of meaningful updates or innovation is a red flag.

• Network Stability: Tokens with unstable networks or security concerns are prioritized for delisting.

By doing this Binance is trying to maintain a safe and transparent trading environment for their users. But this is also a sign of how the exchange is adapting to the changing market and regulatory landscape.

Key Takeaways:

• Immediate Action Required: Traders should sell or withdraw the affected tokens before February 2025.

• Sharp Price Declines: Tokens like GFT, IRIS, and REN saw up to 40% price drops post-announcement.

• Strategic Review: Binance’s decision underscores its focus on maintaining high listing standards.

Binance delisting is a reminder of regulatory compliance and project sustainability in crypto. For users, it’s a warning to check their portfolio.