Altcoins
Find out why Binance will remove these 4 Altcoins
Binance announced the upcoming delisting of four altcoins: OH MY GOD Network (OMG), Waves (WAVES), Wrapped NXM (WNXM) and NEM (XEM), scheduled for June 17, 2024.
This decision is the result of a rigorous assessment aimed at preserving a safe business ecosystem. This removal will cause several pairs to stop trading and significantly affect their market prices.
Why Binance removed Altcoins
THE crypto exchange says the move is part of its routine review to ensure the quality of transactions remains top-notch. Criteria that influence this include dedication of project teams, quality of project development, levels of business activity, network stability, community engagement, news adherence regulatory requirementsand their overall impact on the blockchain domain.
“When tokens no longer meet our listing criteria or significant changes occur in the industry environment, we conduct a thorough review of the project and may delist them,” Binance said.
Learn more: Binance Review 2024: Is It the Right Crypto Exchange for You?
The affected trading pairs are OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT and XEM/USDT. After June 17, Binance will automatically cancel all pending orders for these pairs.
Additionally, from June 18, the platform will no longer accept deposits of these tokens. However, withdrawals will remain possible until September 17, 2024.
Additionally, Binance will extend this policy to other services including Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay, which will also stop supporting these altcoins. It is important to note that even though Binance Futures contracts will delist the WAVESUSDT pair on June 11, OMGUSDT and XEMUSDT perpetual contracts will not be delisted.
Investors should be aware of the potential conversion of delisted tokens into stablecoins, which Binance plans to launch after September 18, 2024. The exchange cautions that conversion rates at that time cannot be predetermined and will make a separate announcement before this conversion begins. exchange.
Following this announcement, the value of these altcoins decreased significantly. Specifically, OH MY GOD fell 25.76%, WAVES of 27.06%, and XEM of 28.73%. On the other hand, WNXM has quickly recovered from the market correction, currently down just 3.27%.
OMG, WAVES, WNXM and NEM price performance. Source: Trading View
These significant price changes highlight the profound impact of Binance’s decisions on the crypto markets. Previous instances, such as delisting of DREP, MobileCoin and pNetwork in March, their values halved in a few hours.
Learn more: Top New Crypto Lists to Watch in June 2024
On the other hand, the list of new tokens like Axelar Network (AXL) And Dog Hat (WIF) in March led to a rapid price increase of more than 25% following their announcements.
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