The cryptocurrency exchange Binance took a critical step today by making an important announcement regarding four altcoins. The announcement indicated that four altcoins would be delisted. Binance also explained the reasons behind this decision, warning its investors about the details.
Binance Announces Delisting of 4 Altcoins
In the announcement made by Binance today, it was stated that the cryptocurrencies OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM) and NEM (XEM) would be delisted. The delisting process will take place on June 17, 2024, at 06:00 AM Turkey time.
The details of the decision emphasize the importance of meeting high-quality and reliability standards for cryptocurrencies. Binance periodically conducts reviews and considers several critical factors in this context.
Among the factors Binance considers are the commitment of the altcoin project’s development team, the level and quality of development activity, trading volume and liquidity. Additionally, the network’s stability and security against attacks, the stability of the network and smart contracts, the level of open communication with the community, and responses to Binance’s due diligence requests are also critical factors.
Warnings to Users
Binance highlighted that the specific trading pairs being removed are OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. After the cessation of trading, all open orders in these pairs will be automatically removed.
Users are advised by Binance to check their wallets and ensure they have not selected the “Hide Small Balances” option to view their assets after delisting.
Deposits made for delisted tokens after June 18, 2024, will not be credited to user accounts, and Binance will cease to support withdrawals of these tokens after September 17, 2024. Binance users are advised to take the above points into consideration.
Affected Cryptocurrencies Drop Sharply
Following the delisting announcement, the cryptocurrencies experienced sharp declines. Accordingly, NEM (XEM) is trading at 0.02638 USDT, having lost 27.67% in value. Waves (WAVES) is trading at 1.788 USDT, experiencing a 25.19% loss in value.
OmiseGO (OMG) is trading at 0.554 USDT, having experienced a 22.41% drop.
