Why Binance Deletes These 4 Altcoins?
Binance, one of the world's largest crypto exchanges, has announced the cancellation of four altcoin spot trading pairs.
This move, which is set to take effect on November 6 at 03:00 UTC, reflects Binance's efforts to improve market quality.
What to do with tokens on Binance?
Binance regularly evaluates the performance of listed trading pairs to ensure they meet high standards and industry standards. Accordingly, it removes or deletes those that fall below the bar. The exchange says these measures protect users and maintain a high-quality trading environment amid a volatile market.
Read More: Binance Review 2024: Is It The Right Crypto Exchange For You?
Against this background, the exchange will cancel trading pairs of Rupee Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI) and Unifi Protocol DAO (UNFI). Specifically:
USDT/IDRT KP3R/USDT OOKI/USDT UNFI/TRY, UNFI USDT, and UNFI/BTC
Noteworthy, Binance will remove all trade orders after stopping trading in each trading pair. This means that holders of tokens will not be able to see the value of these tokens in their wallets after they are canceled.
Among these Binance specifications, the exchange has provided a window for token holdings, after November 7, 2024, at 03:00 (UTC), deposits will not be credited to users' accounts. Additionally, withdrawal of these tokens from Binance will no longer be supported after February 6, 2025, 03:00 (UTC).
Binance may convert canceled tokens into stablecoins on February 7, 2025, 03:00 UTC. Although this subject Confirmation, given to a separate notice before the exchange is changed.
“A separate notification will be generated before the exchange and the stablecoin will be credited to users' Binance accounts after the exchange,” the crypto exchange explained.
This means that users interested in these pairs should revise their trading strategies accordingly. Importantly, the exchange removes KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/USDT cross and isolated margin pairs from margin. Binance advises traders to cancel or update their automated trades to avoid possible financial losses.
After this round of breaking news, the value of KP3R, OOKI and UNFI tokens dropped significantly.
Read more: 11 Cryptos to Add to Your Portfolio Ahead of the Altcoin Phase
The history of the token listing on Binance has often resulted in price volatility, leading to significant price drops for the respective altcoins, which is not surprising.
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