Binance, one of the world’s leading cryptocurrency exchanges, has announced the delisting of four tokens by June 17. The affected tokens include OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). Following the delisting, deposits of these tokens will not be credited after June 18, 2024, and withdrawals will not be supported after September 17, 2024.
Periodic Evaluations and Delisting Criteria
Binance’s decision to delist these tokens has sparked significant interest within the crypto community. The exchange periodically evaluates its listed assets to ensure they meet the industry’s standards. Tokens that no longer meet these criteria face potential delisting, as Binance prioritizes providing optimal assistance and protection for its users.
In its announcement, Binance outlined several factors driving the delisting decision. These include the stability and safety of the network, regulatory compliance, team commitment, performance and development activity, public communication, market liquidity, and trading volume.
Impact on Delisted Tokens
According to data from CoinMarketCap, the delisted tokens have experienced notable price declines. OmiseGO, designed to enable financial inclusion and concurrency, is trading at $0.5055, down by 28.80%. Waves, known for its blockchain platform supporting decentralized applications and smart contracts, is priced at $1.65, reflecting a 30.51% drop. Wrapped NXM, a one-to-one backed token version of the Nexus Mutual token, is trading at $81.79, marking a 2.41% dip. NEM, a blockchain project focused on business solutions, has seen its price fall to $0.02438, a 32.40% decrease.
User Guidance and Previous Delistings
Binance has set a deadline for traders to withdraw their assets and advises transferring holdings to other exchanges or wallets. The announcement has caused price fluctuations in the affected tokens.
This move follows an earlier announcement by Binance to delist other digital currencies, including Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT). These delistings took effect on February 20, 2024, with trading pairs ceasing after February 21, 2024, and withdrawals stopping on May 20, 2024.
The delisting of these tokens underscores Binance’s commitment to maintaining high standards and ensuring the safety and reliability of its trading platform.
