Binance announces decision to delist 4 altcoins amid sharp price decline

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Investing.com – Binance has announced its intention to delist four altcoins: OMG Network (OMG/USD), Waves (WAVES/USD), Wrapped NXM (WNXM/USD), and NEM (XEM/USD) on June 17, 2024.

This decision follows a comprehensive review aimed at maintaining a safe trading environment. The delisting will result in the cessation of trading for several currency pairs, significantly impacting their market prices.

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Binance states that this move is part of a periodic review to ensure trading quality remains at its highest. The criteria influencing this decision include the dedication of the project teams, project development quality, trading activity, network stability, community engagement, compliance with new regulatory requirements, and their impact on the blockchain.

Affected trading pairs include OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. After June 17, Binance will automatically cancel all pending orders for these pairs.

Starting June 18, the platform will no longer accept new buy orders using these pairs. However, withdrawals will remain possible until September 17, 2024.

Additionally, Binance will cease 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 remove the WAVES/USDT pair on June 11, while perpetual contracts for OMG/USDT and XEM/USDT will not be delisted.

Investors should also be aware of the possibility to convert these coins into stablecoins, which Binance plans to facilitate after September 18, 2024.

Following the announcement, the value of these coins dropped significantly. OMG decreased by 25.76%, WAVES by 27.06%, and XEM by 28.73%. In contrast, WNXM quickly rebounded from its decline, currently down by only 3.27%.

These significant price changes reflect the profound impact of Binance’s decisions on cryptocurrency markets. For instance, the delisting of DREP, MobileCoin, and pNetwork in March led to their values halving within hours. Conversely, the listing of new tokens like Axelar Network (AXL/USD) and Dogwifhat (WIF/USD) in March saw their prices surge by over 25% post-announcement.

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