Binance to Cease Support for WAVES, OMG, XEM, WNXM

Binance announced on June 3, 2024, the delisting and cessation of trading for four cryptocurrencies: Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM). This decision affects both spot and margin trading pairs for these cryptocurrencies, which will be unavailable for trading after 03:00 UTC on June 17. This move has caused price drops for the affected tokens.

The exchange cited its commitment to maintaining high standards and meeting industry requirements as the reason for this delisting. Binance regularly reviews listed cryptocurrencies to ensure they adhere to these standards. The delisted cryptocurrencies reportedly failed to meet the necessary criteria, leading to this decision.

Impact on Users and Trading Pairs

Following the announcement, users can no longer trade WAVES, OMG, XEM, and WNXM on Binance. The exchange will also remove these tokens from its products, including Binance Simple Earn, Binance Auto-Invest, and Binance Loans. The last date for withdrawing these tokens is September 17, 2024.

The trade pairs delisted will include WNXM/USDT, XEM/USDT, OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, and WAVES/USDT. This removal affects trading activity and liquidity for these pairs on the Binance platform.

Price Declines Post Announcement

The delisting announcement has had an immediate negative impact on the prices of the affected cryptocurrencies. WAVES saw a price drop of over 25%, currently trading at $1.77. OMG, WNXM and XEM have also experienced significant declines, with their prices dropping by over 25%, 3%, and 29%, respectively. Trading volumes for these tokens have surged as investors and traders rapidly adjust their portfolios in response to the news.

Binance regularly reviews the cryptocurrencies listed on its platform to ensure they meet a set of stringent criteria. These criteria include the project’s development activity, the commitment of the project team, trading volume, liquidity, network stability, smart contract stability, public communication levels, responses to due diligence requests, adherence to regulatory requirements, and contributions to the broader cryptocurrency ecosystem.

When a cryptocurrency no longer meets these standards or the industry landscape changes, Binance conducts a thorough review and may decide to delist the token. This process aims to protect users and maintain the integrity of the trading platform. The recent delisting decision is a part of this ongoing review process.

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• Source: https://investorbites.com/binance-to-cease-support-for-waves-omg-xem-wnxm-leading-to-price-falls/