- Binance announced the delisting of OMG Network, NEM and Waves coins on June 17, 2024.
- The exchange will end support for withdrawals on September 17.
Binance has announced the delisting of four altcoins, news that has seen the said tokens nosedive amid market reaction.
The exchange notified the crypto community of the impending delisting on Monday, June 3, with OMG Network price falling sharply alongside that of the other tokens.
Binance delists XEM, OMG and WAVES
According to Binance, trading support for the four altcoins will cease on June 17, 2024, at 03:00 (UTC). Specifically, the exchange will end support for spot trading pairs for OMG Network, NEM, Waves and Wrapped NXM.
The action against the four cryptocurrencies follows internal reviews that target adherence to industry standards and requirements.
“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 exchange wrote in the announcement.
Per the notice, reviews involve factors such as team’s commitment to the project, development activity, trading volume and liquidity and network security.
Binance also regularly reviews projects in terms of their smart contract stability, level of public communication and new regulatory requirements among other factors.
Key details
According to the exchange, the trading pairs to be removed include MG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT.
Withdrawals will halt on September 17, 2024 at 03:00 (UTC).
Binance has previously announced delistings for tokens such as Monero (XMR), Aragon (ANT) and Multichain (MULTI) based on such due diligence.
OMG, XEM and WAVES tumble
OMG Network, (OMG), Waves (WAVES), NEM (XEM) and Wrapped NXM (WNXM) are all down as the altcoins tumble amid the major announcement from Binance.
According to data from CoinGecko, OMG Network price was down 27% to near $0.50, while NEM traded 30% down at $0.025. Meanwhile, WAVES, which traded at highs of $4.81 in mid-March, was down 27% to around $1.70.
Wrapped NXM slipped nearly 5% after the news to hit $80.75 at the time of writing.