Leading cryptocurrency exchange Binance has announced plans to remove five digital assets from its trading platform by mid-December, citing non-compliance with its internal standards.
In a statement released on Nov. 26, Binance revealed that trading pairs for Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) would no longer be available starting Dec. 10. Key changes include the closure of arbitrage, loan, and futures positions involving these tokens on Dec. 3, with cross-margin and isolated borrowing being halted as early as Nov. 27.
The announcement sparked a market sell-off, causing the affected tokens to plunge nearly 40%, with their prices hitting record lows at the time of writing.
Binance, the world’s largest cryptocurrency exchange by trading volume, currently supports 386 tokens and 1,275 trading pairs. According to CoinGecko, the platform handled $44 billion in trading volume on Nov. 26, reflecting a 20% increase over the previous 24 hours.
Although Binance did not specify the exact reasons for delisting these tokens, the platform highlighted several factors it considers during periodic reviews. These include project development quality, trading activity, liquidity, security, and responsiveness to due diligence requests.
The tokens being removed encompass a variety of blockchain-based solutions, such as decentralized exchanges, blockchain-powered gifting platforms, and tools aimed at improving interoperability within decentralized finance (DeFi).
Many of these projects have experienced dwindling trading activity over the past few months. For instance, CoinMarketCap data shows that REN’s daily trading volume fell from $34 million in March to just $6 million by November. Similarly, OAX’s trading volume, which peaked at $101 million earlier this year, dropped to a mere $468,000 in October.
Declining trading volumes often signal poor liquidity and waning interest, both of which can deter investors and holders.
In a Gifto community Telegram group, frustrated members criticized the project’s developers for their lack of transparency and engagement. “I lost more money in this project and gave up because the devs don’t even address issues on social media,” one user complained.
Binance has cautioned users that deposits of the delisted tokens will not be credited after Dec. 11, and withdrawals will cease entirely after Dec. 12. The platform mentioned the possibility of converting unclaimed tokens into stablecoins on users’ behalf after Dec. 13, though it offered no guarantees.
The delisting highlights the risks associated with cryptocurrencies that fail to maintain strong community engagement and consistent market demand.
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