Binance Announces Delisting of WAVES, OMG, XEM, NXM

The world's largest crypto exchange, Binance, announced on Monday that it would delist and cease trading of Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM).

This decision affects all spot and margin trading pairs involving these cryptocurrencies. Users cannot trade these tokens after 03:00 UTC on June 17.

The exchange claims these cryptocurrencies failed to meet the standards and industry requirements outlined in their periodic reviews.

Binance emphasized, "When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it.

Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics."

The last date for withdrawing these tokens is September 17. Binance will also delist these tokens from Binance Simple Earn, Binance Auto-Invest, and Binance Loans weeks before the official delisting date.

Binance's Delisting Factors For All Crypto

Crypto exchange Binance conducts regular reviews to ensure listed crypto maintains high standards and meets industry requirements.

These factors are in line with the exchange's listing requirements and include a team's commitment to the project, development activity, trading volume and liquidity, stability, and safety of the network, smart contract stability, level of public communication, response to the exchange's periodic due diligence requests, unethical or fraudulent conduct, regulatory requirements, and contribution to the crypto ecosystem.

Prices Tumbled After Announcement

WAVES price tumbled over 25% following Binance's announcement. The price is currently trading at $1.77. The trading volume has surged by over 900% as traders and investors quickly readjust their holdings.

Meanwhile, OMG, WNXM and XEM prices have also dropped significantly, falling over 25%, 3%, and 29%, respectively, in the last few hours. This dramatic dip underscores the immediate market impact of Binance's decision to delist these tokens.

"Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics," stated Binance.

Conclusion

Binance's decision to delist these four cryptocurrencies has sent shockwaves through the market. The exchange remains steadfast in its commitment to maintaining high standards and adapting to the evolving crypto landscape.

As the delisting date approaches, traders and investors must make swift decisions regarding their holdings in WAVES, OMG, XEM, and WNXM.