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. The move, 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 criteria.
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The projects involved vary greatly in their purpose and functionality within the blockchain ecosystem. Gifto, launched in 2017 via Binance Launchpad, focuses on the creation and distribution of blockchain-based virtual gifts.
IRISnet is a decentralized platform aimed at enabling small and medium-sized businesses to offer services via interconnected blockchain networks. SelfKey provides a decentralized identity management system, featuring a non-custodial wallet that allows users to 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 functions 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 it delists tokens when they no longer meet its high standards or no longer 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 ensuring its platform is a reliable and competitive space for cryptocurrency trading. Users are advised to finalize all transactions involving the affected pairs before deleting them to avoid any issues.
