Blockchain 🔗Binance Delisting Crushes Token Prices: GFT, IRIS, KEY, OAX, REN Drop 40%

Binance Delisting Crushes Token Prices: GFT, IRIS, KEY, OAX, REN Drop 40%

Binance Delisting

YEREVAN (CoinChapter.com) — Binance announced the delisting of five crypto tokens—GFT, IRIS, KEY, OAX, and REN—on Nov․ 26, with trading pairs to be removed by Dec․ 10. The exchange cited non-compliance with industry standards as the reason. Borrowing for these tokens in cross-margin and isolated-margin trades will stop on Nov․ 27, while arbitrage, loans, and futures positions will close by Dec․ 3.

Users were advised that token deposits would no longer be credited after Dec․ 11, and withdrawals would cease on Dec․ 12. Any remaining balances may be converted into stablecoins starting Dec․ 13, though Binance warned there is no guarantee.

Binance's announcement of delisting Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) by December 10, 2024.
Binance Delisting Tokens December 2024. Source: Binance Web

Tokens See 40% Drop Following Announcement

The delisting announcement triggered a steep decline in the value of the affected crypto tokens, with prices dropping by nearly 40%. According to CoinMarketCap, the trading volume of these tokens has been declining for months. For example, REN trading volume fell from $34 million in March to just $6 million in November. Similarly, OAX saw its trading volume shrink from $101 million in March to only $468,000 by October.

Lower trading volumes and poor liquidity are often red flags, signaling reduced adoption and limited activity for these projects. Binance has not disclosed specific reasons for the delisting but emphasized factors such as project development quality, trading activity, and responsiveness to due diligence.

Chart from CoinMarketCap showing the sharp decline in token price following Binance's delisting announcement in November 2024.
Token Price Drop November 2024. Source: CoinMarketCap

Binance’s Role in Crypto Token Performance

As the largest cryptocurrency exchange by trading activity, Binance has significant influence over token performance. According to CoinGecko, Binance currently lists 386 tokens with 1,275 trading pairs. On November 26, Binance reported a $44 billion trading volume, up 20% over the previous 24 hours.

The delisted tokens represent diverse blockchain projects, including decentralized finance (DeFi) tools and blockchain gift-giving platforms. However, community members raised concerns about the management of these projects. In a Telegram group, some Gifto (GFT) holders criticized developers for failing to communicate updates. One user stated,

A Telegram message from a Gifto community member expressing frustration over developer silence on social media regarding project updates.
Gifto Community Criticism. Source: Telegram

The post Binance Delisting Crushes Token Prices: GFT, IRIS, KEY, OAX, REN Drop 40% appeared first on CoinChapter.

- Advertisement -spot_img

More From UrbanEdge

Expert Showcases Signs that XRP Ecosystem Is Exploding

According to a post by Edoardo Farina, CEO of...

BTC Nears $100K, BNB Targets $1,630, XRP Rallies with Whale Support

NAIROBI (CoinChapter.com) — The cryptocurrency market is alive with...

Ripple CTO Calls XRP Ledger Validators to Take This Action ASAP

David Schwartz, Chief Technology Officer at Ripple, issued an...

Over 43% of XRP Tokens Are Still Not Circulating. Here’s the Significance

The cryptocurrency community recently witnessed a heated debate on...

VeChain (VET) Saga Ends, Road to the Moon Begins, Analyst Calls 3000% Rally

VeChain (VET) has gained significant momentum in the cryptocurrency...

Analyst Says Cardano (ADA) Would Hit $3 Faster If This Happens

Dan Gambardello, founder of Crypto Capital Venture, has expressed...

Best Passive Income Source in 2024: Innovative Cloud Mining Solutions

In 2024, as changes occur within the financial landscape,...

Top Developer Tutors Critic Who Claims XRP Is Misleading Investors

In a recent conversation on Twitter, Panos Mekras, co-founder...
- Advertisement -spot_img