In a move that sent shockwaves through the crypto world, Binance has announced the delisting of eight altcoins from its platform. The decision comes as part of Binance’s regular review of crypto assets to ensure it provides the best possible service to its users. Assets that fail to meet specific criteria or cannot keep up with the evolving industry standards face delisting after a thorough evaluation.
Binance remains committed to maintaining the highest levels of security and service quality while adapting to changes within the crypto ecosystem.
Binance Delists 4 Altcoins
While conducting its routine reviews, Binance evaluates several factors to determine if an asset should remain listed. Here are the key factors considered:
- The commitment of the project team
- The level and quality of development activity
- Trading volume and liquidity
- Network security against attacks
- Stability of the smart contract and network
- Transparency in public communications
- Response to regular review requests
- Evidence of unethical or fraudulent conduct
- New regulatory requirements
- Contribution to and sustainability within the crypto ecosystem
Following these assessments, Binance decided to delist four altcoins: Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). These assets will be removed from the platform as of November 6, 2024, at 06:00 (UTC), and all trading pairs involving these tokens will be closed. Following the announcement, the prices of these tokens dropped by 30-40%.
Delisting of Trading Pairs
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In addition to the delisted tokens, the following trading pairs will also be removed from Binance on the same date:
- KP3R/USDT
- OOKI/USDT
- UNFI/BTC
- UNFI/TRY
- UNFI/USDT
- USDT/IDRT
Any open orders for these pairs will be automatically canceled after the delisting. Moreover, users will no longer see the value of these tokens in their wallets unless they disable the “Hide Small Balances” option. Binance Simple Earn will also remove these tokens from its platform on November 4, 2024, at 06:00 (UTC). Users are advised to withdraw flexible product positions before this date. If not, their positions will be automatically transferred to Spot Wallets, and any accrued rewards will be credited to users accordingly.
Additional Trading Pairs to be Removed
Citing liquidity issues and low trading volume, Binance also plans to remove additional spot trading pairs as of October 25, 2024:
- ALGO/FDUSD
- CHR/ETH
- DGB/BTC
- GMX/BTC
These removals are part of Binance’s ongoing efforts to maintain security and optimize platform liquidity. As the crypto ecosystem continues to evolve rapidly, Binance is expected to continue making adjustments to support these changes.
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