Binance’s decision to delist OMG, WAVES, WNXM, and XEM on June 17, 2024, has caused significant price declines for these altcoins. The exchange cited a thorough review aimed at maintaining high trading standards and regulatory compliance as the reason for the delistings.
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Following the announcement, OMG, WAVES, and XEM experienced sharp price drops of over 25%, while WNXM’s price fell by 3.27%. Investors reacted swiftly to the news, reflecting the immediate market impact of Binance’s decision.
Binance’s Delisting Policy and Impact
Binance’s decision to delist OMG, WAVES, WNXM, and XEM comes as part of its ongoing efforts to uphold trading quality standards. The exchange assesses various criteria, including project team dedication, development quality, trading activity levels, network stability, community engagement, regulatory compliance, and overall blockchain impact, to determine token listings.
Tokens that no longer meet Binance’s listing criteria or face significant industry changes undergo thorough reviews and may be delisted, according to the exchange.
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Affected trading pairs include OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. After June 17, all pending orders for these pairs will be automatically canceled.
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Starting June 18, Binance will stop accepting deposits of these tokens. However, users will still be able to withdraw their holdings until September 17, 2024.
Additionally, Binance will extend this delisting policy to other services such as Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay, which will no longer support these altcoins.
It’s worth noting that while Binance Futures will remove the WAVESUSDT pair on June 11, OMGUSDT and XEMUSDT perpetual contracts will not be affected by the delisting.
Impact of Binance’s Delisting Decisions
Binance’s announcement of delisting OMG, WAVES, WNXM, and XEM has triggered significant price declines for these altcoins. The exchange’s decision is part of its strategy to maintain trading quality and regulatory compliance standards.
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Investors should be mindful of Binance’s plan to potentially convert delisted tokens into stablecoins after September 18, 2024. However, Binance warns that conversion rates at that time cannot be predicted and will be announced separately before implementation.
Following the delisting announcement, OMG saw a drop of 25.76%, WAVES declined by 27.06%, and XEM experienced a significant decrease of 28.73%. In contrast, WNXM managed to recover quickly from market correction, showing a minimal decline of just 3.27%.
OMG, WAVES, WNXM, and NEM Price Performance. Source: TradingView
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These sharp price movements underscore the profound impact of Binance’s decisions on the cryptocurrency markets. Previous instances, such as the delisting of DREP, MobileCoin, and pNetwork in March, resulted in their values plummeting by half within hours.
Conversely, the introduction of new tokens like Axelar Network (AXL) and Dogwifhat (WIF) in March led to a rapid price surge of over 25% shortly after their listing announcements.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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