Binance, the largest cryptocurrency by trading volume, has announced that it will remove some assets from its platform including OMG, WAVES, WNXM, and XEM. The exchange company made this move to ensure that it delivers the best service to its users and that all coins listed on the platform meet certain industry standards.
Furthermore, Binance listed the various factors it considers while conducting reviews of assets on the platform. Some of those factors include the commitment of the team to the project, trading volume and liquidity, stability, and safety of the network from attack, level of public communication, new regulatory requirements, and others. Following these standards, Binance has decided to delist the aforementioned coins.
Binance to Cease Support for Four Crypto Assets
In a recent announcement dated June 3, the exchange giant Binance informed Binancians (users of Binance) that the following assets OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) will cease to be available on its platform.
According to the announcement, the affected tokens no longer meet the requirements, and all spot trading pairs will be removed on May 17 at 03:00 (UTC). Binance stressed that the exact trading pairs being removed are OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. Additionally, all trade orders involving these tokens will be removed automatically after the given deadline.
#Binance will delist $OMG, $WAVES, $WNXM, and $XEM on June 17, 2024.More details here https://t.co/u5r7gtOjMN
— Binance (@binance) June 3, 2024
Also, users are to note that after June 18, the deposit of these tokens will not be credited to users’ accounts. In addition, withdrawals will stop after September 17 at 03:00 (UTC).
Though not guaranteed, Binance users who still hold the delisted tokens by September 18 might get an automatic conversion into stablecoins. If this happens, Binance will send a separate notification to users before the conversion is done where applicable. Eligible user accounts will be credited with the stablecoin after conversion.
What is more, the Binance Simple Earn service will delist the aforementioned tokens on June 13 at 03:00 (UTC). However, before this time, users can redeem their Flexible and Locked Products positions. If this is not done, the Flexible and Locked Products will be automatically redeemed at the time of cessation and will be transferred to users’ spot wallets.
Other services like Binance Auto Invest, Binance Loans, and Binance Futures will also be affected by this development. Binance Auto Invest will delist the mentioned tokens on June 7 at 03:00 (UTC), all outstanding loan positions will be closed for Binance Loans on June 11 at 03:00 (UTC), and Binance Futures will adjust the leverage and margin tiers of USDⓈ-M WAVESUSDT perpetual contract on June 3 at 10:30 (UTC).
Users are advised to take proactive measures by closing their positions before the deadline to avoid any loss of assets. For more information, visit the Binance announcement page on its official website.
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