Binance has announced its decision to delist four major altcoins: OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM).
The delisting will be effective from June 17, 2024, impacting multiple trading pairs on the platform. This move is part of Binance’s regular review process aimed at ensuring the highest quality of trading assets on its platform.
Binance evaluated several criteria before making the delisting decision. These included the dedication of the project team, development quality, trading activity, network stability, community engagement, and compliance with regulatory requirements. Such measures are crucial for maintaining a secure and efficient trading environment for users.
The delisting will affect various trading pairs including OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT.
Binance will automatically cancel all pending orders for these pairs after June 17. Starting June 18, no new buy orders will be accepted for these trading pairs. Users will have until September 17, 2024, to withdraw their assets, providing a three-month window to manage their holdings.
Additionally, Binance will cease support for these altcoins in several services. This includes Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay.
On June 11, Binance Futures will also remove the WAVES/USDT pair, though perpetual contracts for OMG/USDT and XEM/USDT will remain available.
The announcement had an immediate impact on the market. The value of OMG Network dropped by 25.76%, Waves fell by 27.06%, and NEM decreased by 28.73%. Wrapped NXM saw an initial decline but quickly rebounded, currently down by only 3.27%.
These fluctuations underscore the significant influence Binance’s delisting decisions can have on cryptocurrency prices.
In the past, similar delisting actions by Binance have led to substantial price drops. For instance, the delisting of DREP, MobileCoin, and pNetwork in March caused their values to halve within hours. Conversely, the listing of new tokens such as Axelar Network (AXL) and Dogwifhat (WIF) resulted in price surges of over 25% post-announcement.
To aid users during this transition, Binance plans to facilitate the conversion of these delisted coins into stablecoins after September 18, 2024.
