- Binance announced the delisting of $OMG, $WAVES, $WNXM, and $XEM.
- The tokens have experienced a significant price drop, followed by the announcement.
Binance, one of the world’s leading cryptocurrency exchanges, announced the delisting of four tokens by June 17. It includes OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). Deposits of the tokens will not be credited after June 18, 2024. Further, the withdrawals of these assets will not be supported after September 17, 2024.
The announcement of Binance evoked curiosity in the crypto community. As per their performance and former actions, the exchange periodically evaluates the assets to ensure that they meet the standards the industry requires. When a token no longer meets the criteria, it will potentially be delisted. Therefore, their priority is to ensure the finest assistance and protection for users.
In the announcement, the factors they mentioned that drive the delisting include the stability and safety of the network, regulatory compliance, team commitment, performance-development activity, public communication, market liquidity, and volume.
Repercussions on the Delisted Tokens
According to the data provided by CoinMarketCap, the delisted tokens experienced an acute decline. OmiseGO, a token aimed at enabling financial inclusion and concurrency, trades at $0.5055 and noted a 28.80% drop. Waves, known for its blockchain platform that supports decentralized applications and smart contracts, the price stands at $1.65, with a decline of 30.51%. Wrapped NXM, a one-to-one backed token, a version of the Nexus Mutual token, allows effortless trading on decentralized exchanges. The current price at $81.79, marked a 2.41% dip. NEM, a blockchain project with a focus on business solutions, has struggled to maintain its former momentum which trades at 0.02438, dropped by 32.40%.
Binance will set a drop-dead date for traders to withdraw their assets. Moreover, advising them to transfer their holdings to other exchanges or wallets. The announcement has caused price fluctuations in affected tokens.
Earlier, Binance announced a set of digital currencies to delist. That includes Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT). That came into effect on February 20, 2024. Trading pairs of these tokens ceased after February 21, 2024. The withdrawals for those tokens were ceased on May 20, 2024.
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