Binance, the world’s largest cryptocurrency exchange, announced today that it will delist OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM) and NEM (XEM) crypto currencies from the platform on June 17, 2024. Following this development, there was a huge decrease in altcoin prices. Here are the details…
Binance delists four altcoins
In its announcement in the morning hours, Binance announced that it decided to delist various altcoins based on its latest reviews. These altcoins are as follows: OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM) and NEM (XEM). Binance stated that this decision is part of its regular review process to ensure that the platform meets its high standards and evolving industry requirements.
Delist reasons:
Binance considers various factors when evaluating the delisting of a digital asset. These factors are:
- Team’s Commitment to the Project: Evaluating the dedication and progress of the project’s development team.
- Level and Quality of Development Activity: Evaluation of ongoing development and innovation in the project.
- Transaction Volume and Liquidity: Monitoring the market activity and liquidity of the asset.
- Network Stability and Security: Ensuring that the network is secure and free from frequent attacks.
- Public Communication and Transparency: Controlling the project’s public communications and Binance’s responses to due diligence requests.
- Compliance with Regulatory Requirements: Complying with new regulations and maintaining a healthy crypto ecosystem.
Delist details:
The following trading pairs will be removed at 06:00 on June 17, 2024:
- OMG/USDT
- WAVES/BTC
- WAVES/ETH
- WAVES/TRY
- WAVES/USDT
- WNXM/USDT
Prices are crashing
It is a matter of curiosity how this delisting process will affect OMG, WAVES, WNXM and XEM owners. It is worth noting that altcoins experienced a major decline in the short term. Users holding delisted cryptocurrencies will be able to transfer these assets to another exchange or wallet until June 17. After this date, these assets will not be traded on the Binance platform.
Currently, OMG has made a rapid decline from $0.70 levels to $0.53, a decline of 25 percent. WAVES lost 27 percent of its value and fell from $ 2.3 to $ 1.75. On the other hand, NEM has lost 30 percent of its value and is changing hands at $0.025. WNXM is trading with a decrease of 3.66 percent. It is not surprising that the coin least affected by the Delist announcement is Wrapped NXM, since it is a “wrapped” coin.
As a result, Binance announced that it is determined to contribute to the development of the cryptocurrency ecosystem and offer the best platform to its users. Therefore, it will continue to regularly review assets listed on the platform and carry out delisting transactions when deemed necessary. It is important for cryptocurrency investors to do detailed research before making their investments and always consider the risks.
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