Binance Delisting & Ceasing Support of These Crypto, Prices Tank 25%

The world’s largest crypto exchange Binance on Monday announced delisting and ceasing trading of these four cryptocurrencies from Binance spot and margin. Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM) delisting announcement has caused prices to dip massively.

Binance Announces Delisting of WAVES, OMG, XEM, NXM

In an official announcement on June 3, Binance said it has decided to delist and cease trading on all spot and margin trading pairs of Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM). Users will not be able to trade these cryptocurrencies after 03:00 UTC on June 17.

Exchange claims these crypto have failed to meet the standard and industry requirements in reviews done periodically by the crypto exchange.

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” stated Binance.

The last date for withdrawing these tokens is September 17 as the exchange completely ends support for these crypto. Binance delisting these tokens from Binance Simple Earn, Binance Auto-Invest, and Binance Loans weeks before the delisting date.

Binance’s Delisting Factors For All Crypto

Crypto exchange Binance reviews listed crypto for maintaining a high level of standard and industry requirements. These are in line with listing requirements of the exchange.

These include a team’s commitment to project, development activity, trading volume and liquidity, stability and safety of network, smart contract stability, level of public communication, response to exchange’s periodic due diligence requests, unethical/fraudulent conduct or negligence, regulatory requirements, and contribution to crypto ecosystem.

Prices Tumbled After Announcement

WAVES price tumbled over 25% after Binance’s announcement, with the price currently trading at $1.77. The trading volume has jumped over 900% as traders and investors make quick readjustments to their holdings.

Meanwhile, OMG, WNXM, XEM prices have dropped over 25%, 3%, and 29%, respectively, in the last few hours.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.