TLDR
Binance announces delisting of OMG, WAVES, WNXM, and XEM, effective June 17, 2024
Deposits and withdrawals for these tokens will be halted, and various Binance services will be affected
WAVES price plunges 24% following the delisting announcement
Binance cites failure to meet high standards and industry requirements as the reason for delisting
After September 18, 2024, delisted token holders may have the option to convert to stablecoins, but this is not guaranteed
Binance, a leading cryptocurrency exchange, has announced the upcoming delisting of several tokens from its platform.
Starting June 17, 2024, at 03:00 (UTC), OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) will no longer be available for spot and margin trading on Binance.
The decision to remove these tokens comes as part of Binance’s ongoing efforts to maintain high standards and comply with industry requirements.
The exchange regularly reviews the digital assets listed on its platform, considering factors such as the project team’s commitment, development activity, trading volume, liquidity, network stability, regulatory compliance, and overall contribution to a healthy crypto ecosystem.
As a result of the delisting announcement, the price of WAVES has seen a significant drop of 24%, falling from $2.35 to $1.80.
This follows earlier delistings of WAVES by other exchanges, including Binance.US, Upbit, and Bithumb, due to concerns surrounding the token’s associated stablecoin, Neutrino USD (USDN), losing its peg to the U.S. dollar.
Users holding the affected tokens should be aware of the important dates and actions related to the delisting process.
Deposits of these tokens will not be credited after June 18, 2024, at 03:00 (UTC), and withdrawals will not be supported after September 17, 2024. Additionally, various Binance services, such as Simple Earn, Auto-Invest, Loans, and Futures, will be impacted by the delisting.
While there is a possibility that delisted token holders may have the option to convert their assets to stablecoins after September 18, 2024, Binance has not guaranteed this and will provide separate notifications if such conversions become available.
The delisting of OMG, WAVES, WNXM, and XEM is part of a broader trend in the cryptocurrency industry, as exchanges focus on regulatory compliance and user protection.
The post Binance Delists Tokens Failing to Meet Industry Standards: OMG, WAVES, WNXM, & XEM appeared first on Blockonomi.