Why Binance is Delisting OMG Network, Waves, Wrapped NXM, and NEM
Understanding Binance’s Decision
Recently, Binance made headlines with its announcement to delist four altcoins – OMG Network, Waves, Wrapped NXM, and NEM – on June 17, 2024. This move was motivated by a thorough review aimed at upholding a secure trading environment. The decision to delist these coins will have a profound impact on the market, affecting various currency pairs.
Criteria for Delisting
Binance disclosed that this action is part of a routine evaluation process to ensure the highest standard of trading quality. The criteria considered include the commitment of project teams, project development quality, trading activity, network stability, community engagement, compliance with new regulatory requirements, and overall impact on the blockchain.
Implications and Timelines
Trading pairs like OMG/USDT, Waves/USDT, Wrapped NXM/USDT, and NEM/USDT will be affected by the delisting. Binance will automatically cancel pending orders for these pairs after June 17. From June 18 onwards, new buy orders using these pairs will not be accepted. However, withdrawals will be allowed until September 17, 2024.
Furthermore, services like Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay will no longer support these coins. Binance Futures will remove the WAVES/USDT pair on June 11, while OMG/USDT and XEM/USDT perpetual contracts will not be delisted.
Market Impact and Reactions
Following the announcement, the prices of these coins experienced significant drops. Specifically, OMG decreased by 25.76%, Waves by 27.06%, and XEM by 28.73%. Conversely, Wrapped NXM saw a quick recovery from its decline, currently down by only 3.27%.
These price fluctuations underscore the substantial influence of Binance’s decisions on the cryptocurrency market. Past instances, like the delisting of DREP, MobileCoin, and pNetwork, led to a drastic halving of their values within hours. On the other hand, new token listings, such as Axelar Network and Dogwifhat, resulted in price surges exceeding 25% post-announcement.
