Binance to Delist Multiple Tokens in November Following Routine Asset Review

Binance to Delist Multiple Tokens in November Following Routine Asset Review

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced plans to delist several tokens in the coming weeks.

In a press release today, Binance confirmed that the tokens set to be removed from its platform include Unifi Protocol DAO (UNFI), Ooki Protocol (OOKI), Keep3rV1 (KP3R), and Rupiah Token (IDRT). This decision follows the company’s regular review of listed assets to ensure they continue to meet Binance’s stringent standards.

The delisting will take effect on November 6 at 03:00 UTC, at which point all associated trading pairs, such as UNFI/BTC, OOKI/USDT, and KP3R/USDT, will be disabled. Binance stated that this move was driven by multiple factors, including the development activity of these projects, the stability of their networks, and their compliance with regulatory requirements. The exchange emphasized that these measures are intended to safeguard users and maintain a robust trading environment.

Users holding any of the affected tokens are urged to take appropriate actions before critical deadlines. While spot trading for these assets will officially close on November 6, Binance has outlined additional cut-off points for other services like margin trading and futures contracts. For instance, borrowing on isolated margin accounts for these tokens will be suspended on October 25, followed by the closure of margin positions on October 31. Binance strongly advises users to settle their positions and move any remaining assets to avoid potential losses.

Post-delisting, deposits of the affected tokens will no longer be credited starting November 7. However, Binance will continue to support withdrawals until February 6, 2025. The exchange also hinted at the possibility of converting the delisted tokens into stablecoins but cautioned that this option is not guaranteed.

This announcement mirrors a broader trend in the cryptocurrency market, where tokens removed from major exchanges like Binance often experience heightened volatility. Past delistings, such as those of TrueUSD, Tornado Cash (TORN), and Monero, have led to significant price drops. However, there have also been instances where tokens surged following a delisting, as seen with Reef Finance.

Binance’s decision once again highlights the importance of periodic asset reviews and the impact these decisions can have on the market.