Binance to Delist Waves (WAVES) and Three Other Altcoins in June 2024

  • Binance has recently announced its decision to delist four significant altcoins, set to take effect on June 17, 2024.
  • This move is part of Binance’s ongoing quality assurance processes to ensure only the most reliable and secure assets are available on their platform.
  • The impacted cryptocurrencies are OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM).

Binance to delist OMG, WAVES, WNXM, and XEM in a strategic move to ensure trading platform integrity and security.

Rationale Behind the Delisting

Binance has outlined several criteria for delisting, including the activity level of the altcoin’s development team, trading volume, liquidity, network stability, security, adherence to due diligence, and community communication. These factors are diligently reviewed to uphold a high standard of quality and reliability in Binance’s trading environment. Binance aims to protect its users by maintaining a platform that lists only the most trustworthy cryptocurrencies.

Specific Trading Pairs Affected

The trading pairs that Binance will delist include OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. Users are advised that all open orders will be automatically canceled post-delisting. It’s crucial for users to carefully check their balances and avoid using the “Hide Small Balances” feature to ensure they can view all their holdings after the transition.

Key User Considerations

Deposits for these delisted tokens made after June 18, 2024, will not be credited to user accounts. Subsequently, withdrawals for these tokens will also be disabled after September 17, 2024. Binance strongly encourages users to manage their assets and wallets proactively to avoid inconveniences and ensure a smooth transition.

Market Impact of the Delisting

The news of the delisting has already impacted the market values of the affected cryptocurrencies. NEM (XEM) saw a steep decline of 27.67%, trading at 0.02638 USDT. Waves (WAVES) dropped by 25.19%, now trading at 1.788 USDT. OmiseGO (OMG) also experienced a downturn of 22.41%, currently trading at 0.554 USDT. These changes highlight market sensitivity to delisting announcements and underscore the importance of timely user action.

Investor Takeaways

Investors are advised to:

  • Review their Binance wallets for any impacted tokens.
  • Take note of the final dates for deposits and withdrawals of the delisted tokens.
  • Consider the potential implications for their investments.
  • Stay updated with Binance’s announcements for any further changes that might affect their portfolio.

Conclusion

Binance’s decision to delist these four altcoins reinforces its commitment to maintaining a secure trading ecosystem. This move should be seen as a proactive measure to preserve user security and trading quality on the platform. Investors should take this opportunity to reassess their portfolios and ensure that they align with the upcoming changes. Prompt and strategic action can help mitigate potential risks associated with these delistings.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin’s Potential Price Surge Backed by Key Indicators: STH-SOPR and Stock to Flow Ratio

The current indicators suggest that Bitcoin might...

MoonTrump Leads the Pack: The Hottest Altcoins in Turkey This Week

The latest data from CoinGecko...

Shiba Inu (SHIB) Burn Rate Soars by 2,682% Amid Modest Price Movement

Shiba Inu (SHIB), a popular Ethereum-based memecoin,...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Current Bitcoin Market Analysis: Key Insights on BTC Investor Trends and Miner Sales

Bitcoin continues to hover below the $66,000...

Ethereum’s (ETH) MVRV Surge Signals Potential Altcoin Market Rally: CryptoQuant Analysis

The Ethereum (ETH) on-chain metric points to...

Comprehensive Guide to MDX Coin: Features, Usage, and Price Analysis

MDEX platform operates across various blockchain networks...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin’s Potential Price Surge Backed by Key Indicators: STH-SOPR and Stock to Flow Ratio

The current indicators suggest that Bitcoin might be on the verge of a price recovery. Factors such as the rise in...

MoonTrump Leads the Pack: The Hottest Altcoins in Turkey This Week

The latest data from CoinGecko reveals the most popular altcoin projects in Turkey between June 15 and June 21, according...

Raboo Surpasses Dogecoin and BONK: Dominates the Meme Coin Market With AI-Powered Innovation

The meme coin market is undergoing notable shifts, especially among dog-themed cryptocurrencies. While Dogecoin (DOGE) and BONK...