James Ding
Oct 23, 2024 10:24
Binance announces the delisting of IDRT, KP3R, OOKI, and UNFI tokens, impacting various trading pairs and services. Users advised to manage their assets accordingly before the deadline.
Binance, one of the leading cryptocurrency exchanges, has announced its decision to delist several tokens, including IDRT, KP3R, OOKI, and UNFI, effective November 6, 2024. This decision comes as part of Binance’s routine asset review process aimed at ensuring that all listed digital assets meet the platform’s standards and industry requirements, according to Binance.
Reasons for Delisting
The delisting decision follows a comprehensive review considering various factors such as the commitment of the project team, level and quality of development activity, trading volume and liquidity, stability and safety of the network, and responsiveness to due diligence requests. Other considerations include regulatory requirements and the contribution to a sustainable crypto ecosystem.
Affected Trading Pairs and Services
The trading pairs affected by this delisting include KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, and USDT/IDRT. Users are advised that all trade orders will be automatically removed after trading ceases. Additionally, deposits of these tokens after November 7, 2024, will not be credited, and withdrawals will not be supported post-February 6, 2025.
Impact on Binance Services
Binance’s decision will impact a range of services. Binance Simple Earn will delist these tokens, and Binance Margin will remove them from Cross and Isolated Margin. Users are encouraged to manage their positions and assets accordingly to avoid potential losses. Binance Futures will close all positions for the UNFIUSDT USDⓈ-M Perpetual Contract by October 30, 2024.
Conversion and Redemption Options
While there is no guaranteed conversion of delisted tokens into stablecoins, Binance has indicated that it may occur post-February 7, 2025, with a separate notification to be provided. Users are encouraged to redeem their Flexible Products positions beforehand to avoid automatic redemption.
Advisory for Users
Binance advises users to close their positions and transfer assets from Margin Wallets to Spot Wallets before the cessation of margin trading on October 31, 2024. The exchange also warns of potential liquidation risks and advises monitoring the Unified Maintenance Margin Ratio (uniMMR) closely.
This strategic move by Binance reflects its ongoing commitment to adapt to evolving market dynamics and maintain a secure and sustainable trading environment for its users.
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