Binance will delist GFT, IRIS, KEY, OAX and REN on Dec. 10

Binance has warned traders of its plans to delist some tokens due to standard issues. Shortly after the announcement, the five tokens dropped by nearly 30%.

The five tokens to be removed are Gifto, IRISnet, SelfKey, OAX and Ren, the crypto exchange said in a notice sent to investors on Nov. 26. News of the delisting comes after Binance’s periodic digital asset review on the tokens, with the notice stating that the listed assets “no longer meet these standards or the industry landscape has changed.”

The five tokens will be delisted from Binance at 03:00 UTC on December 10. By then, trading pairs associated with tokens will also be removed; these include GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, REN/USDT. Trading of the tokens on spot markets will end on November 6.

According to data from CoinGecko, GFT dropped 30.6% within minutes of the Binance(BNB) announcement. It is currently trading at $0.01242. KEY experienced a similar decline, dropping 29.7% to $0.00262 during the same period.

OAX suffered the biggest decline, dropping 37.2% shortly after Binance’s announcement. This was followed by REN, which fell 36.1% to $0.03716. The trend continued with IRIS falling 34.8% after Binance announced plans to delist the token.

The price chart of the OAX token is showing a sharp decline after Binance announced plans to delist the token in December 26 November 2024 | Source: CoinGecko

Binance explained that the decision to delist the tokens was determined by a number of factors, including the project’s development activity, the stability of their network, and compliance with regulatory requirements. The exchange noted that these steps were taken to protect users and ensure a healthy crypto trading environment.

Therefore, Binance urged users to take action in the days before and following the delisting date. The notification informs users that deposits made for the token will not be transferred to the user’s account after December 12. However, withdrawal support for these tokens will be stopped on February 12, 2025.

Additionally, Binance Futures will close all positions and perform automatic clearing on the KEYUSDT RENUSDT USDⓈ-M Perpetual Contracts on December 3rd. Therefore, users will not be able to open new positions in contracts closed after this date.

Binance also stated that there is a possibility that delisted tokens will be converted into stablecoins on behalf of users after February 13, 2025, but there is no guarantee on this issue yet.