Binance Announces Five Big Delistings, Impacting DeFi, Blockchain and More

The world’s largest cryptocurrency exchange, Binance, has announced the removal of five major tokens from its trading platform as part of a routine evaluation of listed assets. In a blog post, Binance revealed that the affected tokens are Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX) and Ren (REN).

The delisting will involve multiple trading pairs, including GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC and REN/USDT. This decision, according to Binance’s announcement, reflects its ongoing commitment to maintaining the quality and relevance of the exchange’s offerings by periodically reviewing listed digital assets against strict performance and compliance benchmarks.

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The impacted projects vary widely in their purpose and functionality within the blockchain ecosystem. Gifto, launched in 2017 via Binance Launchpad, focuses on creating and distributing blockchain-based virtual gifts. 

IRISnet is a decentralized platform aimed at enabling small and medium-sized businesses to offer services through interconnected blockchain networks. SelfKey provides a decentralized identity management system, featuring a noncustodial wallet that lets users manage their digital identities and assets securely.

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OAX, known for its contributions to the Polkadot ecosystem, developed the OAX layer-2 protocol and parachains. Meanwhile, Ren operates as a decentralized finance (DeFi) protocol that aims to facilitate interoperability between Ethereum, Bitcoin and ZCash. Its ERC-20 token, REN, plays a role in enabling integration between the mentioned networks.

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Binance said that it delists tokens when they no longer meet its high standards or keep up with changing market conditions. By removing assets that do not meet its standards, the black-and-yellow exchange aims to keep users safe and make its offerings more up-to-date.

These delistings show that Binance is taking a proactive approach to making sure its platform is a trusted and competitive space for cryptocurrency trading. Users are advised to finalize any trades involving the affected pairs before they are removed to avoid any issues.