On December 10, 2024, Binance will remove several altcoins from its trading platform, which includes Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX, and Ren (REN). The exchange cited routine assessments of project performance and industry standards as the basis for this decision. Following this date, trading for these cryptocurrencies will be halted, and users will have a limited window to withdraw their assets.
What Are the Key Dates for Users?
Binance has outlined significant timelines for its users. Trading ends for the affected altcoins at 06:00 UTC on December 10, 2024. Users will be unable to deposit these coins starting December 11, 2024, with withdrawal options available until February 12, 2025. The exchange advises users to finalize all transactions promptly to mitigate potential losses during this transition.
How Will the Changes Affect User Investments?
The Binance Simple Earn products related to these altcoins will also be discontinued as of December 6, 2024. Funds will automatically shift to spot wallets after this date. Additionally, futures contracts for KEY and REN will conclude on December 3, 2024, prompting Binance to recommend that users finalize their open positions ahead of this deadline.
– Trading for specific altcoins halts December 10, 2024.
– Deposits for these coins cease December 11, 2024.
– Withdrawals can continue until February 12, 2025.
– Simple Earn products linked to these coins end on December 6, 2024.
– Futures contracts for KEY and REN close December 3, 2024.
Binance will present various conversion options for users affected by the delisting; however, these options come without guarantees. The Binance Convert service, which allows the sale of the delisted altcoins, will conclude on December 10, 2024. Users are urged to take prompt action to convert or withdraw their assets to avoid complications.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/binance-delists-multiple-altcoins-soon