Altcoins
Binance Announces Decision to Delist 4 Altcoins Amid Sharp Price Drop From Investing.com
Investing.com – Binance announced its intention to delist four altcoins: OMG Network (), Waves (), Wrapped NXM (), and NEM () on June 17, 2024.
This decision follows a comprehensive review aimed at maintaining a safe trading environment. De-listing will result in the cessation of trading for several currency pairs, significantly impacting their market prices.
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Why did Binance decide to delist these coins?
Binance says this move is part of a periodic review to ensure trading quality remains at the highest level. Criteria that influence this decision include the dedication of the project teams, the quality of the project development, commercial activity, network stability, community involvement, compliance with new regulatory requirements and their impact on the blockchain.
Affected trading pairs include OMG/USDT, , , , WAVES/USDT, WNXM/USDT and XEM/USDT. After June 17, Binance will automatically cancel all pending orders for these pairs.
Starting from June 18th the platform will no longer accept new buy orders using these pairs. However, withdrawals will remain possible until September 17, 2024.
Additionally, Binance will stop supporting these coins in other services such as Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards and Binance Pay. Notably, Binance Futures will delist the WAVES/USDT pair on June 11, while the perpetual contracts for OMG/USDT and XEM/USDT will not be delisted.
Investors should also be aware of the possibility of converting these coins into stablecoins, which Binance intends to facilitate after September 18, 2024.
After the announcement, the value of these coins dropped significantly. OMG fell 25.76%, WAVES fell 27.06%, and XEM fell 28.73%. In contrast, WNXM has quickly recovered from its decline, currently down just 3.27%.
These significant price changes reflect the profound impact of Binance’s decisions on the cryptocurrency markets. For example, the cancellation of DREP, MobileCoin and pNetwork in March led to their values halving in just a few hours. In contrast, the listing of new tokens such as Axelar Network () and Dogwifhat () in March saw their prices increase by more than 25% following the announcement.