Binance, which has a major impact in the cryptocurrency world, aims to provide the best service to its users by regularly reviewing the crypto assets on its platform. In this context, it conducts in-depth reviews for assets that do not meet certain standards or cannot keep up with changes in industry dynamics and, if necessary, removes these assets from the list. While Binance prioritizes the security and quality of service of its users, it also takes steps to adapt to changes in the crypto ecosystem.
Binance delists 4 altcoin projects
Binance takes many factors into account when reviewing crypto assets. These factors play a critical role in determining whether an asset will remain on the platform. Here are some of the main criteria that Binance takes into account when making the delisting decision:
- The commitment of the project team to the project
- The level and quality of development activities
- Transaction volume and liquidity status
- The stability and security of the network against attacks
- The stability of the smart contract and network
- The level of public disclosures
- Responsiveness to regular review requests
- Evidence of unethical or fraudulent behavior or negligence
- New regulatory requirements
- Contribution to the crypto ecosystem and sustainability
As a result of these reviews, Binance has decided to delist certain tokens. As of November 6, 2024, 06:00 CET, Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI) will be removed from the platform and spot trading pairs for these tokens will be closed. As a result of the development, the prices of these cryptos have lost around 30-40 percent.
There is also a delist for some trading pairs
In addition to the tokens that will be delisted on the specified date, the following trading pairs will also be delisted from Binance:
- KP3R/USDT
- OOKI/USDT
- UNFI/BTC
- UNFI/TRY
- UNFI/USDT
- USDT/IDRT
After the trading pairs are delisted, all open orders in these pairs will be automatically canceled. In addition, tokens in users’ wallets will not appear in wallet valuations after being delisted. In order to view your tokens, you will need to turn off the “Hide Small Balances” option in your wallets. In addition, these tokens will be delisted from Binance Simple Earn as of 06:00 UTC on November 4, 2024. Users have the option to withdraw their flexible product positions before this date. If not withdrawn, the flexible product positions will be automatically transferred to Spot Wallets on the specified date and the rewards earned will be reflected to users in this way.
There are more trading pairs that are delisted
Binance has also decided to remove some spot trading pairs due to liquidity issues and low trading volume. As of October 25, 2024, the following trading pairs will be removed from the platform:
- ALGO/FDUSD
- CHR/ETH
- DGB/BTC
- GMX/BTC
The removal of these trading pairs is just one of the steps Binance is taking to protect the security of its users and the overall liquidity of the platform. With the rapid changes in the crypto ecosystem, Binance is expected to continue with such adjustments.
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