Binance to Delist Five Tokens in Early November, Prices Tumble

Leading crypto exchange Binance has announced its plan to delist four altcoins – IDRT, KP3R, OOKI, and UNFI. Although the delisting will occur on November 6, news of Binance’s impending delisting has triggered a significant price downtrend for these tokens.

Binance to Delist Tokens

Like most prominent crypto exchanges, Binance periodically delists tokens that fail to meet the listing requirement. Other reasons behind delisting actions include a shift in regulatory requirements, evidence of unethical or fraudulent activities, a lack of team commitment to the project, susceptibility to security exploits, and inadequate communication regarding Binance’s due diligence requests.

Like Binance, other crypto exchanges have revealed plans to delist crypto assets that fail to meet certain requirements, especially regulatory mandates.

In the past, the leading crypto custodian has delisted several cryptocurrencies and tagged others with a Monitoring Tag, with the possibility of a future delisting. The crypto exchange believes this action contributes to “a healthy and sustainable crypto ecosystem.”

In its latest announcement, Binance explained that six spot trading pairs involving the four aforementioned tokens will be removed from its platform. These pairs are KP3R/USDT, OOFI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, and USDT/IDRT.

Binance users cannot deposit funds into these pairs from November 6 at 3:00 (UTC). Withdrawals for these tokens will be open until February 6, 2025, at 3:00 (UTC). After this date, the crypto exchange may convert the holdings of those yet to convert theirs into stablecoins. Still, Binance makes no guarantee that this would occur.

Tokens’ Prices Tumble

Following Binance’s delisting news, the tokens saw a sharp price decline. KP3R, for instance, dropped by 35.6% after the announcement to a trading price of $34.3. UNFI lost 44.25% of its value at the time of writing, bringing its current value to $1.599.

IDRT, on its part, saw a mild price decline to $0.00006378 at press time, representing about a 2% drop over the past few hours.