Binance Delists 4 Tokens Including Waves, Nem,  and OMG, But Why (1)- featured Image

Binance To Delists 4 Tokens Including Waves, Nem, and OMG, But Why?


(03 June 2024, 14:06 PM IST)

Binance to Delist Four Tokens: Waves, OmiseGO, Wrapped NXM, and NEM

In a recent update, Binance, one of the world’s largest cryptocurrency exchanges, announced the delisting of four tokens: Waves (WAVES), OmiseGO (OMG), Wrapped NXM (WNXM), and NEM (XEM). This decision, effective from June 17, 2024, has led to significant market reactions, with the prices of these tokens dropping sharply.

Market Impact

Following the announcement, the prices of the affected tokens saw substantial declines:

  • Waves (WAVES): Down by -27.82%
  • OmiseGO (OMG): Down by -27.39%
  • Wrapped NXM (WNXM): Down by -3.53%
  • NEM (XEM): Down by -30.84%

Reasons for Delisting

Binance periodically reviews the digital assets listed on its platform to ensure they meet its high standards. The decision to delist these tokens was based on several factors:

  • Commitment of the team to the project: Evaluating the dedication and engagement of the development team.
  • Level and quality of development activity: Assessing ongoing technical improvements and innovation.
  • Trading volume and liquidity: Ensuring sufficient market activity and ease of trading.
  • Stability and safety of the network from attacks: Verifying the security measures in place to prevent vulnerabilities.
  • Network/smart contract stability: Checking for robustness and reliability of the underlying technology.
  • Level of public communication: Gauging transparency and communication with the community.
  • Responsiveness to due diligence requests: Assessing cooperation with Binance’s periodic reviews.
  • Evidence of unethical or fraudulent conduct: Ensuring the integrity of the project and its team.
  • New regulatory requirements: Compliance with evolving legal standards.
  • Contribution to a healthy crypto ecosystem: Supporting the overall growth and sustainability of the cryptocurrency market.

Important Dates and Actions for Users

Binance has outlined a series of important dates and actions for users holding these tokens:

  • Delisting Date: Trading for the specified tokens will cease on June 17, 2024, at 03:00 UTC.
  • Automatic Removal of Trade Orders: All active trade orders will be canceled after trading ceases.
  • Deposits: Tokens deposited after June 18, 2024, at 03:00 UTC will not be credited.
  • Withdrawals: Withdrawals will not be supported after September 17, 2024, at 03:00 UTC.
  • Potential Conversion: Delisted tokens may be converted into stablecoins for users after September 18, 2024, though this is not guaranteed. Further notifications will be provided if applicable.

Impact on Binance Services

  • Simple Earn: Delisting of the tokens from Simple Earn will occur on June 13, 2024. Users can redeem their positions before this date.
  • Auto-Invest: Auto-Invest plans for the tokens will be removed on June 7, 2024.
  • Binance Loans: All outstanding loan positions for these tokens will be closed on June 11, 2024. Users should repay their loans by this date to avoid potential losses.
  • Futures Contracts: Leverage and margin tiers for the WAVESUSDT perpetual contract will be adjusted on June 3, 2024.

Binance encourages users to take necessary actions to manage their assets and avoid any inconvenience due to these changes. For more detailed information and specific instructions, users should refer to Binance’s official announcements and support channels.

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