- Binance makes a significant announcement regarding the delisting of four cryptocurrencies: OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM).
- This decision has led to a substantial drop in the prices of these altcoins, causing concern among investors.
- Binance’s delisting process involves strict criteria, emphasizing the importance of project development, liquidity, and regulatory compliance.
Binance is set to remove OmiseGO, Waves, Wrapped NXM, and NEM from its platform, impacting the market and investor sentiment.
Binance Delists Four Altcoins in Strategic Review
In its latest announcement, Binance revealed plans to delist OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). The exchange’s decision stems from an extensive review process designed to ensure platform integrity and compliance with evolving industry standards.
Rationale Behind Delisting
Binance evaluates multiple factors before deciding to delist a cryptocurrency. These factors include the dedication and progress of the project’s development team, ongoing development activity and innovation, trading volume and liquidity, network stability and security, public communication and transparency, and adherence to regulatory requirements. The upcoming delisting of OMG, WAVES, WNXM, and XEM adheres to these stringent evaluation criteria.
Details of the Delisting Process
The delisting will take effect on June 17, 2024, at 06:00 UTC. The following trading pairs will be removed from Binance:
- OMG/USDT
- WAVES/BTC
- WAVES/ETH
- WAVES/TRY
- WAVES/USDT
- WNXM/USDT
Market Reaction and Price Impact
The announcement of the delisting led to a significant depreciation in the value of the affected altcoins. OmiseGO (OMG) saw a precipitous drop of approximately 25%, plummeting from $0.70 to $0.53. Similarly, Waves (WAVES) declined by 27%, falling from $2.30 to $1.75. NEM (XEM) faced a 30% drop, with its price now hovering around $0.025. Wrapped NXM (WNXM) experienced a relatively minor decline of 3.66%, largely due to its unique status as a “wrapped” coin.
Conclusion
Binance’s commitment to maintaining a high-quality platform and responding to the evolving needs of the cryptocurrency industry remains unwavering. The regular review and delisting process is part of this commitment. Cryptocurrency investors should conduct thorough research and remain mindful of market risks when making investment decisions.
