Binance, the largest cryptocurrency exchange by trade volume, has announced plans to delist several tokens in the coming weeks.

Tokens Scheduled for Delisting

In a recent press release, Binance confirmed that the tokens set for removal are Unifi Protocol DAO (UNFI), Ooki Protocol (OOKI), Keep3rV1 (KP3R), and Rupiah Token (IDRT). This decision follows the company’s routine asset reviews, ensuring that all listed tokens meet their stringent standards.

Details of the Delisting Process

The delisting will occur on Nov. 6 at 03:00 UTC. At this time, all trading pairs associated with these tokens, including UNFI/BTC, OOKI/USDT, KP3R/USDT, and others, will cease trading. Binance explained that their decision is based on factors such as the project’s development activity, network stability, and regulatory compliance. These measures aim to protect users and maintain a healthy crypto trading environment.

Important Deadlines for Users

Users holding these tokens are encouraged to take action before the key deadlines. Trading on spot markets will close on Nov. 6. However, Binance has outlined several earlier milestones related to margin trading, futures contracts, and other services:

  • Isolated margin borrowings for these tokens will be suspended on Oct. 25.
  • Closure of positions is set for Oct. 31.

Users are advised to settle their positions and transfer any assets to avoid potential losses.

Post-Delisting Information

After the delisting, deposits of the affected tokens will not be credited starting from Nov. 7. However, Binance will support withdrawals until Feb. 6, 2025. The exchange also mentioned the possibility of converting the delisted tokens into stablecoins, although this is not guaranteed.

The delisting comes after a similar trend in the crypto market, where assets removed from the Binance exchange often see price volatility.

Impact on Token Prices

Past delistings by Binance have led to significant price drops for some tokens, such as TrueUSD and Tornado Cash’s TORN. However, there have also been cases where tokens surged despite a Binance delisting, as seen with Reef Finance.

For those interested in staying updated with the latest in cryptocurrency and finance, explore more news on Global Crypto News.

#BitcoinPrice #BlockchainNews

Post Views: 5