Binance, the world’s largest cryptocurrency exchange, announced on June 3rd the delisting and cessation of trading for four cryptocurrencies: Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM). This decision will take effect on June 17th, 2024, at 03:00 UTC.
The delisting follows a periodic review process conducted by Binance to ensure its listed tokens meet “high levels of standard and industry requirements.” According to the exchange’s statement, these standards encompass factors like project team commitment, development activity, trading volume and liquidity, network stability and security, communication transparency, and regulatory compliance.
Binance claims that the delisted tokens failed to meet these criteria. This news triggered a significant price drop across the affected currencies. WAVES took the biggest hit, plummeting over 25% to its current price of $1.77. Trading volume for WAVES also skyrocketed by over 900%, reflecting a surge in activity as investors and traders adjust their holdings.
The other delisted tokens also experienced significant losses, with OMG, WNXM, and XEM prices dropping over 25%, 3%, and 29% respectively in the last few hours.
Also Read: Binance Burns Over 1.3 Billion LUNC, Community Eyes Revival Despite Market Downturn
The delisting extends beyond trading. Binance will also remove these tokens from its savings and investment products, including Binance Simple Earn, Binance Auto-Invest, and Binance Loans. Users will have until September 17th to withdraw their holdings of these delisted tokens from the exchange.
This move by Binance highlights the importance of token projects maintaining a strong commitment to development, security, and regulatory compliance. For investors holding these delisted tokens on the platform, the coming weeks will be crucial as they decide whether to withdraw their holdings or explore alternative exchanges that might still support them.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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