Binance Delists These Cryptocurrencies and Stops Support, Prices Drop 25%
binance, the world’s largest crypto exchange, announced on Monday that these four cryptocurrencies have been delisted and traded on Binance spot and margin. The delisting announcement of Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM) caused prices to drop significantly.
Binance Announces WAVES, OMG, XEM and NXM Will Be Delisted
In an official announcement on June 3, Binance said it has decided to delist and halt trading on all spot and margin trading pairs consisting of Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM). Users will not be able to trade with these cryptocurrencies after 03:00 UTC on June 17.
Exchange claims that these cryptocurrencies fail to meet standard and industry requirements in periodic reviews conducted by the crypto exchange.
“When a coin or token no longer meets these standards or the industry landscape changes, we take a more in-depth review and potentially delist it. “Our priority is to provide the best services and protection to our users while continuing to adapt to evolving market dynamics,” Binance said.
The deadline for withdrawing these tokens is September 17, as the exchange is completely ending support for these cryptos. Binance is delisting these tokens from Binance Simple Earn, Binance Auto-Invest, and Binance Loans weeks before the delisting date.
Factors behind Binance Delisting All Cryptos
Crypto exchange Binance reviews listed cryptocurrencies to maintain a high level of standards and industry requirements. These comply with the exchange’s listing requirements.
These include the team’s commitment to the project, development activity, trading volume and liquidity, stability and security of the network, smart contract stability, level of public communication, response to the exchange’s periodic due diligence requests, unethical/fraudulent behavior or negligence, regulatory requirements, and contribution to the crypto ecosystem.
Prices Dropped After the Announcement
WAVES price dropped over 25% following Binance’s announcement and the price is currently trading at $1.77. Trading volume surged over 900% as traders and investors quickly readjusted their holdings.
Meanwhile, OMG, WNXM and XEM prices have fallen by over 25%, 3% and 29% respectively in the last few hours.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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