Binance Announces Delisting of Four Altcoins:
What You Need to Know
Binance has officially announced its intention to delist four altcoins: OMG Network (OMG/USD), Waves (WAVES/USD), Wrapped NXM (WNXM/USD), and NEM (XEM/USD) on June 17, 2024. This decision is part of Binance's periodic review process to maintain a safe and high-quality trading environment.
Reasons Behind the Delisting
Binance’s decision to delist these cryptocurrencies stems from a comprehensive review that evaluates several criteria, including:
Dedication and performance of the project teams
Quality of project development
Trading activity and volume
Network stability and security
Community engagement and support
Compliance with new regulatory requirements
Overall impact on the blockchain ecosystem
The specific trading pairs that will be affected include OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT.
Impact on Trading and Market Prices
As a result of this delisting, trading for these pairs will cease, and all pending orders will be automatically canceled after June 17. Binance will stop accepting new buy orders for these pairs starting June 18. However, users will still be able to withdraw these coins until September 17, 2024.
The announcement has already had a significant impact on the market prices of these altcoins
OMG Network (OMG) decreased by 25.76%
Waves (WAVES) dropped by 27.06%
NEM (XEM) fell by 28.73%
Wrapped NXM (WNXM) saw a smaller decline of 3.27% before rebounding
This price volatility highlights the profound influence of Binance's decisions on the cryptocurrency market.
Additional Services and Future Plans
Binance will also cease supporting these coins across various services including:
Binance Earn
Binance Savings
Binance Staking
Binance Margin
Binance Convert
Binance Gift Cards
Binance Pay
Notably, Binance Futures will remove the WAVES/USDT pair on June 11. However, perpetual contracts for OMG/USDT and XEM/USDT will remain unaffected.
Post-September 18, 2024, Binance plans to facilitate the conversion of these coins into stablecoins, offering users an alternative means to manage their assets.
Historical Context and Market Reactions
Historically, Binance's delisting decisions have had significant impacts on the values of the affected coins. For example, the delisting of DREP, MobileCoin, and pNetwork in March led to their values halving within hours. Conversely, the listing of new tokens such as Axelar Network (AXL/USD) and Dogwifhat (WIF/USD) in the same month saw their prices surge by over 25% following the announcement.
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