Binance Delists Four Cryptocurrencies: What You Need to Know

Binance Delists OMG, WAVES, WNXM, and XEM

Binance, the world’s largest cryptocurrency exchange, has announced plans to delist and pause trading activities for four cryptocurrencies: OMG (OmiseGO), WAVES, WNXM (Wrapped NXM), and XEM (NEM). The decision, effective June 17, 2024, follows a periodic review that determined these digital assets no longer meet the exchange’s standards and requirements.

Factors Behind the Delisting Decision

Binance’s decision to delist these cryptocurrencies is based on various factors, including the project team’s commitment, development activity, trading volume and liquidity, network stability and security, public communication, and regulatory compliance. The exchange prioritizes providing the best services and protections for its users while adapting to evolving market dynamics.

Market Impact and Price Drops

The announcement had an immediate impact on the market prices of the affected cryptocurrencies. OMG and WAVES experienced double-digit percentage drops, while XEM plummeted by over 44% within a 24-hour period, reaching a seven-month low of approximately $0.024.

A Look Back at the Rise and Fall of Each Cryptocurrency

Each of the delisted cryptocurrencies has a unique story behind its rise and fall.

OmiseGO (OMG)

OmiseGO reached an all-time high of around $28 in January 2018, driven by the bull market and hype around its Plasma scaling solution for Ethereum. However, OMG struggled to compete with strong competitors like Ethereum.

WAVES

WAVES, the cryptocurrency for the Waves blockchain platform, hit an all-time high price of around $33 in December 2017. Despite launching numerous products and services, Waves failed to gain traction, losing ground to competitors like Ethereum and BNB.

Wrapped NXM (WNXM)

Wrapped NXM, an ERC-20 token representing the value of the NXM altcoin, saw little mainstream adoption. NXM itself peaked at around $245 in December 2017 but struggled to maintain momentum.

NEM (XEM)

NEM, one of the earlier blockchain projects, introduced unique features and an interesting wallet but struggled to keep up with industry developments due to a lack of project funding. XEM reached an all-time high price of around $2 in early 2018 before declining.

What Delisting Means for Users

For users, delisting means that they will no longer be able to trade these coins on the Binance platform. The exact trading pairs being removed are:

* OMG/USDT * WAVES/BTC * WAVES/ETH * WAVES/TRY * WAVES/USDT * WNXM/USDT * XEM/USDT

All trade orders will be automatically removed after trading ceases in each respective trading pair. Users are advised to check their accounts regularly to ensure they have not selected “Hide Small Balances” in all of their wallets.

What Happens to Your Assets?

According to Binance, deposits of these tokens after June 18th, 2024, will not be credited to your account. Withdrawals of these tokens from Binance will not be supported after September 17th, 2024. Delisted tokens may be converted into stablecoins on behalf of users after September 18th, 2024, but this is not guaranteed.

Impact on Binance Services

Binance will delist the tokens mentioned above from various services, including:

* Binance Simple Earn: Users may choose to redeem their Flexible and Locked Products positions beforehand. * Binance Auto-Invest: Users may choose to remove the plan(s) beforehand. * Binance Loans (Flexible and Stable Rates): Users are strongly advised to repay their outstanding loans before June 11th, 2024, to avoid any potential losses. * Binance Futures: The USDⓈ-M WAVESUSDT perpetual contract will be delisted after settlement is complete. * Binance Margin: Users are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading.

Conclusion

Binance’s decision to delist OMG, WAVES, WNXM, and XEM is a reminder of the ever-evolving nature of the cryptocurrency market. As the exchange continues to prioritize user protection and adapt to market dynamics, users are advised to take necessary steps to manage their assets and adjust to the changes.

Source: Thecoinspost.com

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