In an update, Binance delisting four tokens: Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). This decision will take effect on November 6, 2024.
Timeline for Binance Delisting
The delisting process will start on November 6, 2024, at 03:00 UTC. All trading pairs for these tokens will be removed, including KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, and USDT/IDRT. After trading stops, all open orders for these pairs will be canceled automatically.
Once a token is delisted, its valuation will no longer appear in users wallets. To continue viewing assets, users should ensure that the “Hide Small Balances” option is not selected.
Deposits of these tokens after November 7, 2024, at 03:00 UTC will not be credited to users accounts. Additionally, withdrawals of these tokens will not be supported after February 6, 2025, at 03:00 UTC.
Future of Delisted Tokens
After the delisting date, Binance delisting tokens may convert the delisted tokens into stablecoins for users, although this is not guaranteed. If conversion occurs, users will be notified separately, and the stablecoins will be credited to their Binance accounts.
For users of Binance Simple Earn, the mentioned tokens will be delisted on November 4, 2024. Users should recover their positions in Flexible Products beforehand. Otherwise, these positions will be automatically retrieved at the specified time, along with any earned rewards.
On October 31, 2024, Binance delisting will close all outstanding loan positions for the delisted tokens in VIP Loan. Users are encouraged to repay any outstanding loans before this deadline to avoid potential losses.
Impact on Futures and Margin Trading
For those trading on Binance Futures, all positions for the UNFIUSDT USDⓈ-M Perpetual Contract will be automatically settled on October 30, 2024, at 09:00 UTC. Users should close any open positions before this date to avoid automatic settlement.
In terms of margin trading, KP3R, OOKI, and UNFI will be removed from both Cross and Isolated Margin on October 31, 2024, at 06:00 UTC. Users should be aware that isolated margin borrowing for these tokens will be suspended on October 25, 2024.
If users hold both collateral and liabilities for the delisted tokens in their Cross Margin accounts, the collateral will be used to repay liabilities. If users only have collateral, the tokens will be sold if the Collateral Margin Level (CML) is below 2.
If users only have liabilities, their pending orders will not be affected if the CML is above 2. However, if it is below 2, all pending orders will be canceled, and the system will sell other collateral tokens to repay the delisted tokens’ liabilities.
Other Trading Functions Affected
Starting November 1, 2024, Binance delisting will disable several functions related to the delisted tokens. This includes Buy & Sell Crypto and Auto-Invest. From November 1 to November 6, Binance Convert will only allow sell transactions for the delisted tokens.
Users who have gift cards with these tokens are also advised to manage them before November 6, 2024, to prevent any issues. Trading bots associated with the delisted tokens will be terminated on November 6, 2024, at 03:00 UTC.
Conclusion
Binance delisting decision of $IDRT, $KP3R, $OOKI, and $UNFI highlights its commitment to maintaining strong standards in the cryptocurrency market. Users should carefully review the timelines and required actions to manage their holdings effectively. Staying informed about these developments is important for all traders and investors as the crypto market continues to evolve.
Also read : Binance Delisted Will Be Converted to USDC
