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Binance is set to remove OmiseGO, Waves, Wrapped NXM, and NEM from its platform, impacting the market and investor sentiment.
In its latest announcement, Binance revealed plans to delist OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). The exchange’s decision stems from an extensive review process designed to ensure platform integrity and compliance with evolving industry standards.
Binance evaluates multiple factors before deciding to delist a cryptocurrency. These factors include the dedication and progress of the project’s development team, ongoing development activity and innovation, trading volume and liquidity, network stability and security, public communication and transparency, and adherence to regulatory requirements. The upcoming delisting of OMG, WAVES, WNXM, and XEM adheres to these stringent evaluation criteria.
The delisting will take effect on June 17, 2024, at 06:00 UTC. The following trading pairs will be removed from Binance:
The announcement of the delisting led to a significant depreciation in the value of the affected altcoins. OmiseGO (OMG) saw a precipitous drop of approximately 25%, plummeting from $0.70 to $0.53. Similarly, Waves (WAVES) declined by 27%, falling from $2.30 to $1.75. NEM (XEM) faced a 30% drop, with its price now hovering around $0.025. Wrapped NXM (WNXM) experienced a relatively minor decline of 3.66%, largely due to its unique status as a “wrapped” coin.
Binance’s commitment to maintaining a high-quality platform and responding to the evolving needs of the cryptocurrency industry remains unwavering. The regular review and delisting process is part of this commitment. Cryptocurrency investors should conduct thorough research and remain mindful of market risks when making investment decisions.
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