Binance Delists Four Altcoins: OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM)

On June 3, Binance announced its decision to delist four altcoins: OMG Network (OMG/USD), Waves (WAVES/USD), Wrapped NXM (WNXM/USD), and NEM (XEM/USD).

Binance, the leading cryptocurrency exchange, has announced the delisting of four altcoins from its platform. The affected coins are OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). These coins will be removed from Binance on June 17, 2024.

According to the announcement, Binance regularly reviews the projects listed on its exchange to ensure they meet specific criteria. These criteria include the dedication of the project team, the quality of development, trading activity, network stability, community engagement, and compliance with regulatory requirements.

The delisting of these altcoins will affect several trading pairs on Binance. These pairs include OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. All pending orders for these pairs will be automatically canceled by Binance after June 17.

Starting June 18, no new buy orders will be accepted for these trading pairs. However, users will still be able to withdraw their assets from Binance until September 17, 2024. This provides a three-month window for users to manage their holdings of the delisted coins.

Furthermore, Binance will cease support for these altcoins in various services. These services include Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay. Additionally, Binance Futures will remove the WAVES/USDT pair on June 11, while perpetual contracts for OMG/USDT and XEM/USDT will remain available.

The announcement of these delistings also triggered sharp price declines for the affected coins. OMG saw a 25.76% drop in its value, WAVES fell by 27.06%, and XEM experienced a 28.73% decrease. Interestingly, Wrapped NXM initially saw a decline but quickly recovered, currently showing a loss of only 3.27%.

These price movements follow a pattern observed in the past with Binance's actions having a significant impact on cryptocurrency prices. For instance, the delisting of DREP, MobileCoin, and pNetwork from Binance in March led to their values halving within hours.

On the other hand, the listing of new tokens like Axelar Network (AXL) and Dogwifhat (WIF) saw their prices surging by over 25% post-announcement.

After September 18, 2024, Binance plans to facilitate the conversion of these delisted coins into stablecoins. This will provide an alternative option for managing investments as the coins are removed from the exchange.