- Binance has announced the removal and termination of support for several cryptocurrencies, including Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM).
- This delisting is part of a broad strategy to ensure that all listed tokens meet specific standards and requirements.
- The prices of these tokens have witnessed significant drops following the announcement.
Learn about Binance’s latest decision to delist four cryptocurrencies and the implications for the market in our detailed coverage.
Major Delisting Announcement: WAVES, OMG, XEM, and WNXM
Binance, the world’s leading cryptocurrency exchange, recently disclosed its plan to delist and cease all trading activities for four specific cryptocurrencies: Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM). As of 03:00 UTC on June 17, these cryptocurrencies will no longer be tradable on the Binance spot and margin markets.
Rationale Behind the Delisting
The exchange stated that these digital assets no longer satisfy its periodic review standards. Binance conducts thorough assessments to ensure the assets it lists meet rigorous industry benchmarks. When certain criteria are not met or if there are changes in the industry landscape, Binance may choose to delist to protect its user base and to adapt to market conditions.
“If a coin or token no longer meets our standards, or if the industry environment changes, we undertake a more extensive review and may decide to delist it. Our top priority is to provide optimal services and safeguards for our users while staying attuned to market trends,” Binance announced.
Impact on Crypto Prices
The announcement led to a marked drop in the prices of the affected cryptocurrencies. WAVES experienced a decline of over 25%, with its current price trading around $1.77. Similarly, OMG, WNXM, and XEM recorded sharp price downturns, decreasing by 25%, 3%, and 29% respectively within a short duration following the announcement.
Broad Implications
Beyond individual price dips, this development is seen as a broader reflection of Binance’s stringent adherence to its listing standards and dynamic market adaptation strategy. The review process considers several factors, including the project’s development activity, trading volume, liquidity, smart contract stability, and compliance with regulatory requirements.
For affected users, the last date to withdraw these tokens from Binance’s platform is September 17. In addition, Binance will also delist these tokens from its ancillary products such as Binance Simple Earn, Binance Auto-Invest, and Binance Loans, well before the cessation date.
Conclusion
This delisting move by Binance underscores the platform’s commitment to maintaining high standards and protecting its users. Crypto enthusiasts and investors must keep abreast of such changes and periodically review their portfolios to align with market dynamics and regulatory requirements. This decision by Binance serves as a crucial reminder of the volatile and ever-changing nature of the cryptocurrency market.
