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Binance to Delist Four Major Altcoins in June

1M ago
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Binance altcoins
Binance altcoins

YEREVAN (CoinChapter.com) — On June 3, Binance announced its decision to delist four altcoins: OMG Network (OMG/USD), Waves (WAVES/USD), Wrapped NXM (WNXM/USD), and NEM (XEM/USD). The delisting will take effect on June 17, 2024. This decision is part of Binance’s regular review process to ensure the highest quality of trading assets on its platform.

Binance Delisting Announcement (Source: Twitter @binance)
Binance Delisting Announcement. Source: @binance

Binance cited several criteria for delisting, including project team dedication, development quality, trading activity, network stability, community engagement, and compliance with regulatory requirements. These factors are crucial for maintaining a secure trading environment.

Trading Pairs Affected by the Binance Altcoins Delisting

This decision will impact several trading pairs, including OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. After June 17, Binance will automatically cancel all pending orders for these pairs.

Starting June 18, no new buy orders will be accepted for these pairs. Users will be able to withdraw their assets until September 17, 2024. This provides a three-month window for managing holdings.

Binance will also stop supporting these altcoins in various services. These services include Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay. Binance Futures will remove the WAVES/USDT pair on June 11, while perpetual contracts for OMG/USDT and XEM/USDT will remain available.

Sharp Price Declines Following Announcement

Following the announcement, the market reacted swiftly. The value of OMG dropped by 25.76%, WAVES by 27.06%, and XEM by 28.73%. Wrapped NXM initially declined but quickly rebounded, currently down by only 3.27%.

OMG Network Price Drop Chart. Source: CoinMarketCap
OMG Network Price Drop Chart. Source: CoinMarketCap

These price changes highlight the immediate impact of Binance’s delisting decisions. Historically, Binance’s actions have significantly affected cryptocurrency prices. For example, the delisting of DREP, MobileCoin, and pNetwork in March led to their values halving within hours. Conversely, the listing of new tokens like Axelar Network (AXL/USD) and Dogwifhat (WIF/USD) saw their prices surge by over 25% post-announcement.

Binance plans to facilitate the conversion of these delisted coins into stablecoins after September 18, 2024. This will provide an option for managing investments during market changes.

The post Binance to Delist Four Major Altcoins in June appeared first on CoinChapter.

1M ago
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