Binance updated its policy on delisting after reviewing the tokens available on its platform. The platform has decided to remove Rupiah Token ($IDRT), Keep3rV1 ($KP3R), Ooki Protocol $(OOKI), and Unifi Protocol DAO ($UNFI).
This represents a consistent improvement by Binance in terms of the quality of the digital assets listed on its platform and correctly regulating the proper functioning of the market. Binance shared the details of recent delisting through its official web page, sharing the upcoming strategies and reasons behind the delisting.
Details of the Asset Delisting
Binance has outlined the schedule for ceasing all spot trading for the specified tokens, which will occur on 2024-11-06 at 03:00 (UTC). These trading pairs include KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY and USDT/IDRT. All the open orders after trading will be cleared when trading is over.
However, the exchange has given its users a clear outlook on the timelines for depositing and withdrawing these tokens. Deposits will no longer be credited after 2024-11-07 at 03:00 (UTC), while the withdrawal procedure will be available until February 6th, 2025, at 03:00 (UTC).
Thereafter, additional options may include converting to stablecoins, although this is optional and guaranteed, as the specifics will be outlined later. After this, conversions to stablecoins may be offered but are not guaranteed, with further details to be announced later.
Impact on Binance Services
Binance’s decision will impact various services, including Binance Margin, Futures, Simple Earn, and Buy & Sell Crypto. For example, isolated margin borrowings for these tokens will be suspended by 2024-10-25 at 06:00 (UTC), with the automatic settlement and removal of positions set for 2024-10-31 at 06:00 (UTC).
Furthermore, Binance Futures will close all positions on UNFIUSDT USDⓈ-M Perpetual Contracts by 2024-10-30 at 09:00 (UTC), and the Funding Rate Arbitrage Bot for UNFI/USDT will follow suit. Users are strongly encouraged to manage their positions, wallets, and related services in preparation for these changes to avoid potential losses.
Binance remains steadfast in protecting users and fostering a healthy trading environment. The platform ensures compliance with evolving market standards and safeguards against risks by periodic reviews of listed assets. Users should follow Binance’s recommendations to secure their assets during delisting.
