Altcoin
Find out why Binance will remove these 4 Altcoins
Binance has declared the imminent delisting of four altcoins: OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM) and NEM (XEM), scheduled for June 17, 2024.
This decision emerges from a rigorous evaluation aimed at preserving a safe trading ecosystem. The removal will stop the trading of several pairs and significantly affect their market prices.
Why Binance Deleted Altcoins
THE cryptocurrency exchange says this move is part of its routine monitoring to ensure trading quality remains top-notch. Criteria that influence this include dedication of project teams, quality of project development, levels of commercial activity, network stability, community engagement, membership of new regulatory requestsand their overall impact on the blockchain domain.
“When tokens no longer meet our listing criteria or there are significant changes in the industry environment, we conduct a thorough review of the project and may remove them from the list,” Binance She said.
To know more: Binance Review 2024: Is It the Right Cryptocurrency 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.
Furthermore, from June 18th, 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 while Binance Futures will remove the WAVESUSDT pair on June 11, the OMGUSDT and XEMUSDT perpetual contracts will not be canceled.
Investors should be aware of the potential conversion of delisted tokens into stablecoins, which Binance plans to begin after September 18, 2024. The exchange cautions that conversion rates at that time cannot be predetermined and will make a separate announcement prior to the beginning of this process. exchange.
After the announcement, the value of these altcoins dropped dramatically. In particular, OMG fell by 25.76%, WAVES by 27.06% e XEM by 28.73%. In contrast, WNXM has recovered quickly from the market correction, currently down just 3.27%.
OMG, WAVES, WNXM and NEM price trends. Source: TradingView
These significant price changes highlight the profound impact of Binance’s decisions on the cryptocurrency markets. Previous instances, such as the removal from the list of DREP, MobileCoin and pNetwork in March, they caused their values to halve in a matter of hours.
To know more: Top new cryptocurrency lists to watch in June 2024
On the other hand, the list of new tokens like Axelar Network (AXL) AND Dogwifhat (WIF) in March led to a rapid price increase of more than 25% following their announcements.
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