Binance Delists 5 Digital Assets Including Gifto (GFT) and IRISnet (IRIS), GFT Price Plummets 35%

Binance announced the delisting of five digital assets: Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN).

Binance, a leading cryptocurrency exchange, has announced the upcoming delisting of five digital assets from its platform. The affected tokens include Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN).

The exchange will be removing these tokens from its platform on December 10, 2024, at 03:00 UTC. This affects the following trading pairs: GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT.

According to Binance, this decision comes after a standard review of its products against performance and legal benchmarks.

“The decision on which tokens will be delisted is made after a standard review of our products against performance and legal benchmarks. We will delist tokens that no longer meet our standards or the changing market conditions,” Binance stated.

After the delisting, Binance will cancel all pending orders for these tokens and no longer accept deposits. However, withdrawals for the affected tokens will remain open until February 2025, to provide users with ample time to manage their holdings.

Despite the upcoming delisting, the Gifto project has issued an additional 1.2 billion tokens, transferring them to major exchanges, including Binance, Bitget, and KuCoin.

This move has garnered attention as Gifto was Binance's earliest Initial Exchange Offering (IEO). The token issuance also coincides with a period of sharp volatility in GFT's market performance.

In the past 24 hours, Gifto (GFT) lost 35.08% of its value, trading at $0.007207. Observing the price chart, there was a spike earlier, with GFT reaching $0.012 before a rapid decline.

However, trading activity is strong, with a 200% increase in volume, reaching $53.17 million in the past day. Due to the increased token circulation, Gifto's market cap now stands at $16.13 million, showing a 40.13% rise.

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