By crypto.news | Created at 2024-10-23 10:07:02 | Updated at 2024-10-23 13:35:48
3 hours ago
Binance, the largest cryptocurrency exchange by trade volume, has disclosed plans to delist several tokens in a few weeks.
In a press release today, the exchange confirmed that the tokens scheduled for removal are Unifi Protocol DAO (UNFI), Ooki Protocol (OOKI), Keep3rV1 (KP3R), and Rupiah Token (IDRT).
This move follows the company’s routine asset reviews, aimed at ensuring all listed tokens meet their high standards.
The delisting will take place on Nov. 6 at 03:00 UTC. At that time, all trading pairs associated with these tokens, including UNFI/BTC, OOKI/USDT, KP3R/USDT and others, will cease trading.
Binance explained that their decision is based on factors such as the project’s development activity, the stability of their networks, and adherence to regulatory requirements. They noted that these steps are meant to protect users and ensure a healthy crypto trading environment.
Users holding these tokens are encouraged to take action before key deadlines. Trading on spot markets will close on Nov. 6, but Binance has outlined several earlier milestones related to margin trading, futures contracts, and other services.
For instance, isolated margin borrowings for these tokens will be suspended on Oct. 25, with further closures of positions set for Oct. 31. Users are advised to settle their positions and transfer any assets to avoid losses.
After the delisting, deposits of the tokens will not be credited starting from Nov. 7. However, Binance will support withdrawals until Feb. 6, 2025. The exchange also mentioned the possibility of converting the delisted tokens into stablecoins, but there is no guarantee on this yet.
The delisting comes after a similar trend in the crypto market, where assets removed from the Binance exchange often see price volatility.
Past delistings by Binance have led to massive price drops for some tokens, such as TrueUSD and Tornado Cash’s TORN and Monero. However, there have also been cases where tokens surged despite a Binance delisting, as seen with Reef Finance.
