Altcoins
These Altcoins fall by double digits following the delisting of Binance: details
TL;DR
- Binance will discontinue trading services for some cryptocurrencies. The announcement was followed by significant price drops for the assets involved.
- It has recently introduced new trading pairs such as BTC/MXN and removed some older ones, continuing to adapt its offerings to improve the user experience and respond to the latest market trends.
The cryptocurrencies affected
Binance will do it end trading on all spot and margin pairs for the following tokens: OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM) and NEM (XEM). Withdrawals of these assets from the platform will not be supported after September 17th, while deleted coins can be converted into stablecoins on behalf of users after September 18th.
“Binance Simple Earn will remove the above tokens after 03:00 (UTC) on 06-13-2024. Users can choose to redeem their positions on flexible and locked products early. Otherwise, these Flexible and Locked Product positions will be automatically redeemed at the time indicated above and subsequently transferred to users’ Spot Wallets, along with any accrued rewards, from 06/13/2024 at 03:00 (UTC).
Binance Auto-Invest will cease token trading services after June 7, while Binance Loans and VIP Loan will close the offering four days later.
The company did not provide an exact reason behind its move, recalling that it periodically reviews each listed cryptocurrency to ensure it meets “a high level of industry standards and requirements.” Some of the important factors considered by Binance include team commitment, level and quality of development activity, trading volume, liquidity, and more.
Some of the affected digital assets, such as OMG and WAVES, saw double-digit price drops following the announcement. XEM was the hardest hit, plunging more than 30% on a 24-hour scale. Currently, it is trading at a seven-month low of around $0.025 (according to data from CoinGecko).
Removing cryptocurrencies from a major trading venue like Binance can have a significant impact on their price performance. The process could cause a negative perception of the credibility and future potential of the tokens, reputational damage and other obstacles.
A similar drop in the price of an affected token occurred in February this year, when the exchange stopped trading services with Monero (XMR) and three other altcoins. The popular privacy coin saw its valuation drop by more than 20% shortly after the announcement.
Other recent Binance updates
In recent days the company has applied several changes to its platform, including the introduction of new trading pairs.
Last week, it added BTC/MXN, XRP/MXN, ENS/USDC and LDO/USDC on Binance Spot. Two of the pairs are for the Mexican peso (MXN), the national currency of the Latin American country. Earlier this year, the exchange launched a direct pair between USDT and MXN.
On the other hand, Binance has removed some previously listed pairs, such as CAKE/TUSD, DYDX/BNB and LAZIO/BTC.