Binance, one of the world’s largest crypto exchanges, has declared the delisting of four altcoin’s spot trading pairs.
This action, set to take effect on November 6 at 03:00 UTC, reflects Binance’s attempts to enhance market quality.
What Token Holders on Binance Need To Do?
Binance periodically evaluates the performance of its listed trading pairs to ensure they progressively meet a high level of standard and industry requirements. Based on this, it removes or delists those that fall below the bar. The exchange claims these measures protect users and uphold a high-quality trading environment amidst a changing market.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Against this backdrop, the exchange will delist trading pairs for Rupiah Token (IDTR), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). Specifically:
- USDT/IDRT
- KP3R/USDT
- OOKI/USDT
- UNFI/TRY, UNFI USDT, and UNFI/BTC
Noteworthy, Binance will remove all trade orders after trading ceases in each respective trading pair. This means that token holders would no longer be able to view the valuation of these tokens in their wallet after delisting.
Amidst these Binance delistings, the exchange has given a window for token holders, noting that deposits after November 7, 2024, at 03:00 (UTC) will not be credited to users’ accounts. Furthermore, withdrawals of these tokens from Binance will not be supported after February 6, 2025, at 03:00 (UTC).
Binance might convert the delisted tokens into stablecoins on February 7, 2025, at 03:00 UTC. While this is subject to confirmation, the exchange committed to a separate notification before the conversion.
“A separate notification will be made before the conversion where applicable, and the stablecoins will be credited to users’ Binance accounts after the conversion,” the crypto exchange explained.
This means users with an interest in these pairs should revise their trading strategies accordingly. Importantly, the exchange will also eliminate KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/USDT cross, and isolated margin pairs from Margin. Binance advises traders to either cancel or update their automated trades to avoid potential financial losses.
In the immediate aftermath of this round of delisting news, the value of KP3R, OOKI, and UNFI tokens has severely dropped.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
This is unsurprising, given the history of token delistings on Binance has often resulted in price volatility, leading to substantial price drops for concerned altcoins
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/binance-announces-delisting-for-4-altcoins/