Binance Delisting Announcement (Continued)

Binance has recently declared the removal of OMG Network, NEM, Waves, and Wrapped NXM coins from its platform, a move that resulted in a sharp decline in the prices of these tokens. The exchange's decision to delist these altcoins was communicated to the public on June 3.

Trading Support Termination

The cessation of trading support for the four altcoins is scheduled for June 17, 2024, at 03:00 (UTC). Binance will no longer facilitate spot trading pairs for OMG Network, NEM, Waves, and Wrapped NXM following this date.

The delisting process was initiated after internal assessments to ensure alignment with industry standards. Binance stressed its commitment to providing high-quality services, safeguarding users, and adapting to evolving market conditions.

Delisting Details

The affected trading pairs, including MG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT, will be removed. Withdrawals for these tokens will be disabled starting from September 17, 2024, at 03:00 (UTC).

Binance's review criteria encompass various aspects such as the project team's dedication, development progress, trading volume, liquidity, and network security. The exchange also evaluates factors like smart contract stability, communication efforts, and compliance with regulatory requirements.

Market Reaction

Following the delisting announcement, altcoins like OMG Network, Waves, NEM, and Wrapped NXM experienced price declines. CoinGecko data illustrated substantial drops in the value of OMG Network, NEM, Waves, and Wrapped NXM.

Binance's decision to delist these tokens reflects its commitment to upholding industry standards and adapting to the evolving crypto landscape.