Find out why Binance is canceling these 4 Altcoins
Binance has announced the upcoming delisting of four altcoins scheduled for June 17, 2024: OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM).
This decision is based on a rigorous review to maintain a secure trading ecosystem. Removals will halt trading for many pairs and significantly affect their market value.
Why Has Binance Altcoins Been Canceled?
The crypto exchange says that this step is part of its regular inspection to ensure that the transaction quality is at the highest level. The parameters that influence this include the dedication of project teams, the quality of project development, levels of transaction activity, network stability, community participation, compliance with new regulatory requirements and their overall impact on the blockchain domain.
“When tokens meet our listing requirements or significant changes occur in the industry environment, we conduct a thorough project review and may cancel them,” Binance said.
Read More: Binance Review 2024: Is It The Right Crypto Exchange For You?
The affected trading pairs are 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.
Also, starting June 18, the platform will no longer accept deposits of these tokens. But withdrawal will be possible till September 17, 2024.
Binance will also extend this policy to other services, Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards and Binance Pay, all of which will stop supporting these altcoins. It should be noted that when Binance Futures removed the WAVESUSDT pair on June 11, the OMGUSDT and XEMUSDT perpetual contracts were not canceled.
Investors should be aware that the listed tokens can be converted into stablecoins, which Binance plans to launch after September 18, 2024. The exchange cautions that conversion rates cannot be predicted at that time and will issue separate notices prior to this commencement. Exchange.
Following the announcement, the price of these altcoins dropped significantly. In particular, OMG fell by 25.76%, WAVES by 27.06% and XEM by 28.73%. In contrast, WNXM recovered quickly from the market correction, currently down 3.27%.
These significant price changes show the significant impact of Binance's decisions on the crypto markets. Previous ones like DREP, MobileCoin and pNetwork's cancellation in March saw their values halved within hours.
Read more: Top New Crypto Lists to Appear in June 2024
On the flip side, the March listing of new tokens such as Axelar Network (AXL) and Dogwifhat (WIF) resulted in rapid price increases of over 25% following their announcements.
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