Binance to Remove 4 Altcoins: Potential Price Repercussions
Crypto News– Binance has announced that it will delist four altcoins: OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) on June 17, 2024. This decision follows a thorough evaluation process designed to maintain a secure trading environment. The delisting will stop trading for several pairs involving these altcoins and is expected to have a significant impact on their market prices.
Understanding Binance’s Decision to Remove Altcoins
The crypto exchange Binance has announced that it will delist several altcoins as part of its regular review process to maintain high trading standards. This decision is influenced by factors such as the dedication of project teams, the quality of project development, levels of trading activity, network stability, community engagement, compliance with new regulatory requirements, and their overall impact on the blockchain industry.
The trading pairs affected by this decision are OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. After June 17, 2024, Binance will automatically cancel all pending orders for these pairs. Additionally, starting June 18, the platform will no longer accept deposits of these tokens, although withdrawals will remain possible until September 17, 2024.
This delisting policy will also extend to other Binance services, including Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay, all of which will cease supporting these altcoins. Notably, Binance Futures will remove the WAVESUSDT pair on June 11, but the OMGUSDT and XEMUSDT perpetual contracts will not be delisted.
These significant price changes highlight the profound impact Binance’s decisions can have on crypto markets. For example, when Binance delisted DREP, MobileCoin, and pNetwork in March, their values halved within hours.
FAQs
Which altcoins is Binance delisting?
Binance is delisting OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) on June 17, 2024.
Why is Binance delisting these altcoins?
Binance is delisting these altcoins as part of its routine review to ensure trading quality. The decision is based on factors such as project team dedication, project development quality, trading activity levels, network stability, community engagement, regulatory compliance, and overall impact on the blockchain industry.
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