Invest.com – Binance has announced its intention to delist four altcoins: OMG Network (), Waves (), Wrapped NXM () and NEM () on June 17, 2024.
This decision follows a comprehensive review aimed at maintaining a safe trading environment. Delisting will result in the cessation of trading of several currency pairs, significantly affecting their market prices.
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Why did Binance decide to delist these coins?
Binance states that this measure is part of a regular review to ensure that trading quality remains at its highest level. The criteria that influence this decision include the dedication of the project teams, the quality of the project development, commercial activity, network stability, community participation, compliance with new regulatory requirements and its impact on the blockchain.
Affected trading pairs include OMG/USDT, , , , WAVES/USDT, WNXM/USDT, and XEM/USDT. After June 17, Binance will automatically cancel all pending orders for these pairs.
Starting June 18, the platform will no longer accept new purchase orders using these pairs. However, withdrawals will remain possible until September 17, 2024.
Additionally, Binance will stop supporting these coins on other services such as Binance Earn, Binance Savings, Binance Stake, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay. Notably, Binance Futures will delist the WAVES/USDT pair on June 11, while the perpetual contracts for OMG/USDT and XEM/USDT will not be delisted.
Investors should also be aware of the possibility of converting these coins into stablecoins, which Binance plans to facilitate after September 18, 2024.
Following the announcement, the value of these coins fell significantly. OMG decreased by 25.76%, WAVES by 27.06% and XEM by 28.73%. In contrast, WNXM quickly recovered from its drop, which is currently down just 3.27%.
These major price changes reflect the profound impact of Binance's decisions on the cryptocurrency markets. For example, the delisting of DREP, MobileCoin, and pNetwork in March led to their values being halved in a matter of hours. In contrast, the listing of new tokens such as Axelar Network () and Dogwifhat () in March caused their prices to increase by more than 25% after the announcement.
