But the real question... what will happen with .io TLD? (British Indian Ocean Territory's)
It should eventually get removed by ICANN, since the country code TLDs are managed by ISO 3166-1 alpha 2 (it's however not an exact match), and the transfer will mean the British Indian Ocean Territories will no longer exist. ISO is going to be the entity in charge of removing the io country code, which it probably will do since ISO 3166-1 alpha 2 isn't just used for domain names. There's a standardized process for t…
ICANN periodically lets anyone with $1 million create random new generic TLDs like .top and .win and .google and .hiv and .amazon and .zip - it's pretty clear there aren't any real rules or standards for TLDs apart from having money.
Why should ICANN break things for .io and its users, when they could instead keep things working, and extract $1M from a hedge fund, at the same time?