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Binance Completely Delisting These Crypto, Prices Crashed
Binance, a leading cryptocurrency exchange has announced plans to remove Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) from all trading pairs. The decision follows a routine review to ensure listed assets maintain high standards and meet evolving industry requirements.
The announcement has triggered 25 to 40% price drops for the affected tokens. The exchange remains committed to fostering a secure and transparent trading environment, adapting to dynamic market and regulatory conditions.
Binance to Remove GFT, IRIS, KEY, OAX, and REN
Binance announced on November 26 that it would delist multiple tokens, including Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN). This announcement triggered a 25 to 40% decline in the prices of these coins as traders rushed to liquidate their positions, fearing further losses.
The impacted pairs, such as GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT, will cease trading as of the scheduled cutoff. One of the top crypto exchanges has warned users that pending orders will be automatically canceled once trading ends. Furthermore, deposits for these tokens will not be credited to accounts after the delisting date, while withdrawals will cease after February 2025.
This decision follows Binance’s routine asset review process, which evaluates factors like trading volume, project development, and network stability. The move reflects its commitment to maintaining high listing standards while adapting to shifting market conditions. Traders holding these tokens are encouraged to act before the delisting deadline to avoid potential disruptions in their portfolios.
Price Movements and Volume Trends Amid Delisting
Following the Binance delisting announcement, prices of affected cryptocurrencies have seen significant drops. Gifto (GFT) is currently trading at $0.01212, down 32% in the past 24 hours. Its 24-hour low and high range from $0.01176 to $0.01814. IRISnet (IRIS) dropped to $0.01058, crashing 36% since the announcement. Its 24-hour low reached $0.009892, and the high hit $0.01735.
SelfKey (KEY) has dropped 30% in 24 hours, trading at $0.002651, with a range of $0.002565 to $0.004157. OAX has also suffered a 31% drop, now at $0.114, with its low at $0.1096 and high at $0.1692. Ren (REN) is priced at $0.03942, down 32%. Its 24-hour range is $0.0352 to $0.05911. Despite this drop, Ren has gained 15% over the past month.
Binance’s delisting decision triggered a broader market sell-off. Investors reacted quickly, causing significant price drops across multiple tokens.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple CLO Stuart Alderoty slammed the U.S. Securities and Exchange Commission (SEC) for bragging about enforcement actions and raising record fines. Stuart Alderoty has challenged the bragging rights of the US SEC, highlighting the flawed approach the government agency has taken in lawsuits.
Ripple CLO Slams US SEC For Boasting About Fines Collection
Ripple CLO Stuart Alderoty reacted to the U.S. Securities and Exchange Commission’s (SEC) post on X about collecting record fines in the history of the agency.
Alderoty lambasted the US SEC for bragging about record fines collection. He compared it with a professor boasting about their highest-ever class failure rate and the most cheating scandals.
Furthermore, he added that the SEC’s oversight has gone wrong, driven by perverse incentives. Notably, the agency has also failed to provide clarity to the crypto community about rules and regulations. “It’s not a measure of success,” he added.
“We announced that the SEC filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history, said the US SEC.
The government agency also boasted about the success of the Division of Enforcement under SEC Chair Gary Gensler. It claims the enforcement division has helped promote the integrity of capital markets to benefit investors.
However, investors claimed the agency has harmed investors more and Gary Gensler is the least effective SEC Chairman in American history.
$4.5 Billion budget. $8.2 billion fines. $1 Trillion damage to capital markets. Solid taxpayer ROI.
— Gabor Gurbacs (@gaborgurbacs) November 26, 2024
Ripple Launches Tokenized Money Market Fund
Ripple has introduced its first tokenized money market fund in partnership with UK-based asset manager abrdn and crypto exchange Archax. The fund, available on the XRP Ledger (XRPL), aims to enhance financial accessibility and liquidity.
Meanwhile, XRP futures open interest surpassed $2.50 billion, signaling growing trader activity. Whale accumulation also continues, with over 250 million XRP purchased during recent price dips. This has fueled speculation of a rally toward $20 as XRP shows strong market demand.
Currently, XRP price trades at $1.33, down 10% in the last 24 hours. Its market cap stands at $75 billion, with $10 billion in trading volume.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The world’s largest crypto exchange Binance on Tuesday announced the official launch of its reward-bearing asset BFUSD. The exchange clears that the crypto asset will provide users returns on qualifying balances in their futures account, with yield as high as 19.55%.
BFUSD is a reward-bearing asset by Binance, one of the top crypto exchanges, to provide users with returns on their qualifying balances in their futures account. It can also be used as a margin in the multi-asset mode while still earning rewards.
Binance Introduces High-Yield BFUSD Margin Asset
Binance Futures in an official announcement on November 26 revealed BFUSD reward-bearing asset’s launch. Users can start purchasing the margin asset at 2AM UTC on November 27.
The crypto exchange has set limit quota of the margin asset, which is based on a user’s VIP level. In order to participate, transfer USDT to UM wallet. Holders who traded UM futures one day prior will only get boosted APY. Interest payments will be distributed daily to users’ UM Futures accounts.
The supply is 120 million, with a collateralized percentage of 101.32%. It will offer base APY of 29.18%, with a boosted APY of 38.98%, as per Binance data.
Benefits and Risks of Holding the Asset
BFUSD is redeemable for USD stablecoin. It means users can redeem it for the US dollar, making it an ideal choice for seeking a stable solution in the crypto market.
Moreover, the exchange has also set BFUSD Reserve Fund specifically to cover potential costs from funding dees, supporting the maintenance of the Collateral Pool and the Hedging Portfolio.
One of the major benefit is its use as margin to trade USD-M contracts in multi-asset mode. There are two reward rates available each day – base rate and boosted rate. The exchange will use proceeds from BFUSD sales to execute investment strategies that generate passive income.
Some risks of holding the margin asset include negative funding rates and no right, claim, entitlement or other interest from collateral pool, hedging portfolio or reserve fund. Also, users are also exposed to Binance credit risk, redemption failure, and viable fees.
Binance earlier cleared to CoinGape that BFUSD is not a stablecoin. The exchange has also announced a promotion for early adopters. These include zero fees at purchase and 100,000 USDT in token vouchers.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu lead developer Shytoshi Kusama lauded TRON’s Justin Sun on Tuesday over the blockchain’s recent milestone achievement. The lead developer primarily highlighted TRX’s product-market fit (PMF) in stablecoin use cases, underscoring the network’s pioneering stance as a decentralized, fast, and affordable solution.
Notably, Kusama further stated that Shibarmy “will achieve the same (product-market fit) in a different manner,” with market watchers speculating as the broader industry eyes TREAT token launch shortly ahead.
Shiba Inu Lead Dev Praises TRON’s Justin Sun
In a reply to Justin Sun’s X post, Shytoshi Kusama stated on November 26, “You were a big inspiration for me early on, and I am proud to see you achieve PMF in this space.” This statement primarily points to TRON’s native token, TRX, achieving a strong product-market fit in stablecoin use cases.
Notably, the TRON blockchain processes 92% of USDT transactions and hosts $60B in USDT. However, TRX’s market cap is only $17B, per ‘Kate The Alt,’ the Alt account of CryptoQuant CEO Ki Young Ju. This data indicated that TRX-based USDT is far more adopted than even ETH-based USDT, offering low-cost, fast stablecoin remittances in global trade.
Speculations Of TREAT Token Launch
Pointing to this landmark achievement, Justin Sun glimmered with immense optimism. Shiba Inu’s lead developer Shytoshi Kusama further highlights this achievement, hinting that the SHIB ecosystem is also eyeing achieving the same PMF but in a different manner. This statement, hinting at a looming achievement for the dog-themed coin, has set off waves of discussions as Kusama recently hinted at TREAT token launch to further bolster the SHIB ecosystem.
In addition, amid rising optimism with the abovementioned developments, a substantial spike in layer-2 network Shibarium’s TVL has added to market enthusiasm surrounding the meme coin. Notably, the meme crypto’s marketing lead, LUCIE, recently revealed that TVL on Shibarium hit an ATH at $8.57 million. This data further cements the coin’s future with market optimism.
Will SHIB Price Gain Following Recent Developments?
Crypto watchers are extensively eyeing the dog-themed meme coin amid a highly bullish Q4. However, SHIB price traded at $0.00002529, down 1% intraday. Its 24-hour low and high were $0.00002436 and $0.0000264, respectively.
Nevertheless, the monthly chart for the crypto indicates gains of 48%. This broader bullish movement, accompanied by the abovementioned movements, has kept investors optimistic about future movements.
Moreover, a recent Shiba Inu price analysis by CoinGape indicated that the token already eyes further gains as its supply continues to shred due to constant token burning. Market watchers remain bullish as the Q4 ripple effect is yet bullish, followed by recent ecosystem developments.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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