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Binance to Delist Four Altcoins: Key Implications

Explore Binance's decision to delist OMG Network, Waves, Wrapped NXM, and NEM, and its impact on the cryptocurrency market.
Published on 2024-06-03

Binance Delisting Announcement

Binance, a leading cryptocurrency exchange, has announced the delisting of four altcoins: OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) effective June 17, 2024. This strategic move aligns with Binance’s aim to ensure a secure trading environment by periodically reviewing the cryptocurrencies listed on its platform.

Factors Influencing the Decision

The delisting decision stems from an extensive review process that considers several factors. Among these are the dedication of the project teams, quality of development, trading activity, network stability, and community engagement. Compliance with evolving regulatory requirements also plays a crucial role in such decisions.

Affected Trading Pairs and Services

The delisting will impact multiple trading pairs, including OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. After June 17, all pending orders for these pairs will be automatically canceled, and new buy orders will not be accepted. Withdrawals of these altcoins will be possible until September 17, 2024.

Binance will also discontinue support for these coins across various services, including Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay. Notably, Binance Futures will remove the WAVES/USDT pair on June 11, while perpetual contracts for OMG/USDT and XEM/USDT will remain available.

Market Impact and Future Options

The announcement led to a steep decline in the value of these altcoins, with OMG dropping by 25.76%, WAVES by 27.06%, and XEM by 28.73%. WNXM, however, showed resilience, with a minor 3.27% decrease. Such price fluctuations highlight the significant influence Binance's decisions have on the cryptocurrency market.

Investors are advised to explore alternative investment opportunities and consider converting these coins into stablecoins, a process Binance plans to facilitate post-September 18, 2024. This transition could potentially stabilize investments amidst market volatility.

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