Binance has declared the upcoming delisting of four altcoins: OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM), scheduled for June 17, 2024.
This decision emerges from a rigorous evaluation aimed at preserving a safe trading ecosystem. The removal will halt the trading of several pairs and significantly affect their market prices.
Why Binance Delisted Altcoins
The crypto exchange claims that this move is part of its routine scrutiny to ensure the trading quality remains top-notch. The criteria influencing this include the dedication of the project teams, the quality of project development, levels of trading activity, network stability, community engagement, adherence to new regulatory demands, and their overall impact on the blockchain domain.
“When tokens no longer meet our listing criteria or significant changes occur in the industry environment, we conduct a thorough project review and may delist them,” Binance said.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
The affected trading pairs are OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. After June 17, Binance will automatically cancel all pending orders for these pairs.
Furthermore, from June 18, the platform will no longer accept deposits of these tokens. However, withdrawals will remain possible till September 17, 2024.
Moreover, Binance will extend this policy to other services, including Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay, all of which will also cease supporting these altcoins. It is important to note that while Binance Futures will remove the WAVESUSDT pair on June 11, OMGUSDT and XEMUSDT perpetual contracts will not be delisted.
Investors should be aware of the potential conversion of the delisted tokens into stablecoins, which Binance plans to initiate after September 18, 2024. The exchange warns that the conversion rates at that time cannot be predetermined and will make a separate announcement before the commencement of this exchange.
Following the announcement, the value of these altcoins declined sharply. Specifically, OMG dropped by 25.76%, WAVES by 27.06%, and XEM by 28.73%. In contrast, WNXM recovered quickly from market correction, currently down by just 3.27%.
These significant price changes underscore Binance’s decisions’ profound impact on crypto markets. Previous instances, such as the delisting of DREP, MobileCoin, and pNetwork in March, led to their values halving within hours.
Read more: Top New Crypto Listings To Watch In June 2024
On the flip side, the listing of new tokens like Axelar Network (AXL) and Dogwifhat (WIF) in March resulted in a swift price increase of over 25% following their announcements.
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