News
Binance will remove OMG, WAVES, WNXM, XEM from 06/17/2024
In a recent move to ensure high standards and industry compliance, Binance, one of the largest cryptocurrency exchanges, has announced the delisting of several tokens. Second BinanceOMG, WAVES, WNXM and XEM tokens will no longer be available for trading on its platform starting June 17, 2024.
Exclusion criteria
Binance periodically reviews digital assets listed on its platform to ensure they meet a high level of industry standards and requirements. Several factors influence the decision to delist a coin or token, including:
- Project team commitment
- Level and quality of development activity
- Trading volume and liquidity
- Network stability and security
- Public communication and responsiveness
- Compliance with regulatory requirements
- Contributing to a healthy and sustainable crypto ecosystem
These comprehensive reviews help Binance maintain the integrity and security of its trading environment.
Important dates and actions
The delisting process will affect several trading pairs, including OMG/USDT, WAVES/BTC, WAVES/ET, WAVES/TRY, WAVES/USDT, WNXM/USDT and XEM/USDT. Users should note the following key dates and actions:
- All trading orders will be automatically removed at the end of trading on June 17, 2024 at 03:00 (UTC).
- Deposits of these tokens will not be credited after June 18, 2024 at 03:00 (UTC).
- Withdrawals of these tokens will not be supported after September 17, 2024 at 03:00 (UTC).
Additionally, several Binance services will be affected:
- Earn money easily on Binance: The tokens will be delisted after June 13, 2024. Users are advised to redeem their positions before that date.
- Automatic investment on Binance: The cancellation will take place after June 7, 2024. Users should adjust their plans to avoid errors in recurring cycles.
- Binance Loans: Existing loan positions will be closed by June 11, 2024 at 03:00 (UTC). Users should repay loans to avoid potential losses.
- Futures on Binance: Leverage and margin levels for the WAVESUSDT perpetual contract will be adjusted on June 3, 2024, and all positions will be closed and settled by June 11, 2024.
Market dynamics and industry impact
This announcement comes amid increasing regulatory scrutiny and evolving market dynamics in the cryptocurrency industry. Eliminating tokens that do not meet Binance’s rigorous standards is part of its strategy to adapt to these changes and maintain the quality of its listings.
In recent months, many other exchanges have also made similar moves, focusing on compliance and user protection. This trend indicates a growing emphasis on regulatory compliance and market stability in the cryptocurrency industry.
Pending
Binance reiterates its commitment to providing a safe trading environment and adapting to the evolving market landscape. The exchange advises users to stay informed about such changes to manage their investments effectively. The removal of these tokens reflects Binance’s ongoing efforts to improve the sustainability and transparency of the ecosystem.
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