Altcoins
Binance announces decision to delist 4 altcoins amid sharp price decline By Investing.com
Investir.com – Binance announced plans to delist four altcoins: OMG Network (), Waves (), Wrapped NXM () and NEM () on June 17, 2024.
This decision follows an extensive review aimed at maintaining a safe trading environment. The delisting will result in the halting of trading for several currency pairs, which will have a significant impact on their market prices.
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Why did Binance decide to delist these coins?
Binance says the move is part of a periodic review to ensure transaction quality remains at its highest level. Criteria influencing this decision include dedication of project teams, quality of project development, commercial activity, network stability, community engagement, compliance with new regulatory requirements and their impact on blockchain.
Affected trading pairs include OMG/USDT, , , , WAVES/USDT, WNXM/USDT and XEM/USDT. After June 17, Binance will automatically cancel all pending orders for these pairs.
Starting June 18, the platform will no longer accept new buy orders using these pairs. However, withdrawals will remain possible until September 17, 2024.
Additionally, Binance will stop supporting these coins in other services such as 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 not be removed.
Investors should also be aware of the possibility of converting these coins into stablecoins, which Binance plans to facilitate after September 18, 2024.
Following this announcement, the value of these coins dropped considerably. OMG fell by 25.76%, WAVES by 27.06% and XEM by 28.73%. In contrast, WNXM quickly rebounded from its decline, currently down just 3.27%.
These significant price changes reflect the profound impact of Binance’s decisions on the cryptocurrency markets. For example, the delisting of DREP, MobileCoin, and pNetwork in March caused their values to halve within hours. Conversely, the listing of new tokens like Axelar Network () and Dogwifhat () in March saw their prices rise by more than 25% following the announcement.