Binance to Delist Eight Altcoin Pairs, Sparking Sell-Offs

Binance recently announced that it will be delisting eight altcoin pairs from its platform, with the changes set to take effect on December 10.

This move is part of the exchange’s strategy to improve the overall quality of the market by ensuring that only tokens with adequate liquidity and trading volume remain on the platform.

As a result of this review, Binance will be removing several trading pairs, including GFT/USDT for Gifto, IRIS/BTC and IRIS/USDT for IRISnet, KEY/USDT for SelfKey, OAX/BTC and OAX/USDT for OAX, and REN/BTC and REN/USDT for Ren.

Binance also stated that all open orders for these pairs will be automatically canceled when trading ceases.

Users are encouraged to close their positions and transfer assets from Margin Wallets to Spot Wallets before December 4, when margin trading for these pairs will be discontinued. The exchange further warned that it will not be responsible for any potential losses that may arise during this process.

Following the announcement, the prices of the affected tokens saw notable declines, reflecting investor concerns about their future prospects once the delistings take effect. This trend is not unusual, as delistings by major exchanges often lead to sell-offs and decreased confidence in the tokens.