Binance Delists Four Altcoins

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The cryptocurrency exchange Binance has announced the delisting of four altcoins, which will take effect on June 17, 2024. The affected cryptocurrencies are OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). Binance explained that these delistings are part of a routine review to ensure listed coins meet high standards of quality and reliability.

Reasons Behind Delisting

Binance’s criteria for delisting include the commitment and activity level of the altcoin’s development team, trading volume, and liquidity. Other crucial factors are the stability and security of the network, adherence to due diligence requests, and the level of open communication with the community. Binance meticulously evaluates these aspects to maintain a secure and efficient trading environment for its users.

Details of Delisted Pairs

The specific trading pairs to be removed involve OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. Binance has cautioned users that all open orders in these pairs will be automatically canceled post-delisting. Additionally, users are advised to check their wallets carefully and not to use the “Hide Small Balances” option to ensure they can view their assets after the change.

Important Considerations for Users

Users should note that any deposits made for these delisted tokens after June 18, 2024, will not be credited to their accounts. Furthermore, Binance will discontinue withdrawals of these tokens after September 17, 2024. Users are strongly encouraged to manage their accounts accordingly to avoid any inconvenience.

Impact on Affected Cryptocurrencies

The delisting announcement had an immediate impact on the market. NEM (XEM) saw a significant drop of 27.67%, trading at 0.02638 USDT. Waves (WAVES) decreased by 25.19%, trading at 1.788 USDT. OmiseGO (OMG) also faced a decline of 22.41%, currently trading at 0.554 USDT.

Key Takeaways for Investors

– Review your Binance wallet for any affected tokens.
– Be aware of the final dates for deposits and withdrawals of the delisted tokens.
– Understand the potential market impact on your investments due to these delistings.
– Monitor for further updates from Binance regarding any other changes or announcements.

Conclusion

Binance’s decision to delist these four altcoins highlights the exchange’s commitment to maintaining a secure and efficient trading environment. Investors are advised to take the necessary actions to manage their portfolios effectively in light of these changes.

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