Binance, the prominent cryptocurrency platform globally, has declared significant alterations in its altcoin support and trading policies.

Altcoin Delisting Announcement

Commencing June 17, Binance proclaimed the delisting of four altcoins: Waves (WAVES), OmiseGo (OMG), Wrapped NXM (WNXM), and NEM (XEM). The decision, as per Binance, is a part of its systematic appraisal of each cryptocurrency to validate compliance with predefined standards and industry regulations.

Factors evaluated during these reviews include trading volume, liquidity, network stability, security measures, fraudulent activities, and regulatory adherence. The goal is to uphold service quality, safeguard users, and adapt to the evolving market environment.

Trading and Withdrawal Ramifications

Binance has announced that starting June 18, deposits of the delisted altcoins will not be processed. Subsequently, support for withdrawals of these assets will cease after September 18, 2024.

The delisting caused a sharp 25% decline in the Waves token value, currently valued at $1.67. Investors responded by significantly increasing trading volumes as they realigned their investment portfolios.

Binance's Policy Adjustment in India

Meanwhile, Binance's Indian operations have terminated cash payment options for peer-to-peer trades. The discontinuation of cash transactions has implications for local traders who utilized the Indian rupee (INR) channel to navigate tax regulations.

Purushottam Anand, the founder of Crypto Legal, a blockchain firm based in Bengaluru, emphasized the risks associated with P2P cash transactions, irrespective of intermediary involvement.