- Binance will delist IDRT, KP3R, OOKI, and UNFI following a deeper review of underperforming tokens.
- Several trading pairs and Binance services will be affected, including margin trading and Spot Trading Bots.
- Users are advised to close positions and manage holdings before key deadlines to avoid losses.
Binance, the world’s largest crypto exchange, will delist several tokens, including Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). Trading for these tokens ends on November 6, 2024, following Binance’s periodic review of assets to ensure they meet the platform’s performance and regulatory standards.
As part of this review, Binance will also remove the following trading pairs starting Friday, October 25, due to low liquidity and trading volume: ALGO/FDUSD, CHR/ETH, DGB/BTC, and GMX/BTC.
By November 6, Binance will further delist the trading pairs KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, and USDT/IDRT.
Users should close any open orders and manage their positions before the delisting dates to avoid disruptions. After the tokens are removed, all active orders will be automatically canceled.
Binance’s Delisting Process: In-Depth Reviews After Initial Listing
Binance’s decision to delist these tokens reflects its routine practice of reviewing listed assets that no longer meet the platform’s standards.
The review process assesses various factors, such as trading volume, liquidity, and network stability. Other considerations include team commitment, regulatory compliance, and evidence of unethical or negligent behavior.
While tokens may initially meet listing criteria, Binance regularly monitors their performance to ensure continued compliance. When issues arise, such as low liquidity or regulatory challenges, Binance may take steps to delist underperforming assets to maintain a healthy and sustainable trading environment.
Key Deadlines and Next Steps for Affected Users
Binance has outlined key dates and actions for users affected by the delisting. For those involved in margin trading, isolated and cross-margin services for KP3R, OOKI, and UNFI will end on October 31, 2024, at 06:00 UTC. Users should repay loans and transfer affected assets to their Spot Wallets before this date to avoid automatic settlement.
Binance Futures will close all UNFI-related contracts on October 30, 2024, at 09:00 UTC, with automatic settlement set to occur. No new positions can be opened from 08:30 UTC on that day.
Deposits of the delisted tokens will be suspended after November 7, 2024, and withdrawals will cease on February 6, 2025. Where applicable, Binance may convert delisted tokens into stablecoins after February 7, 2025, although this is not guaranteed.
Beyond trading, the delisting will affect various Binance services, including Simple Earn, Auto-Invest, and Binance Gift Cards. Users should review their holdings and remove any active plans or positions related to the affected tokens before November 6, 2024.
A sell-only function for these tokens will be available through Binance Convert from November 1, 2024, until November 6, 2024. After that, all trading pairs for the delisted tokens will be fully removed from Binance.
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Source: https://coinedition.com/binance-token-purge-idrt-kp3r-ooki-unfi-and-more-delisted-for-low-performance-regulatory-issues/