In the ongoing development in the realm of cryptocurrency, the world’s biggest cryptocurrency exchange, Binance, has announced that it will soon delist several trading pairs. On June 3, 2024, Binance published a report highlighting that on June 17, 2024, OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) tokens will be delisted from the exchange.
Binance to delist these tokens
Following this announcement, these tokens experienced a massive price drop. According to data from CoinMarketCap, after this announcement, OMG, WAVES, WNXM, and XEM experienced a price drop of 25%, 26%, 3%, and 30%, respectively. The exact trading pairs that will be delisted are OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT.
The reason for the delisting is still not known, but Binance mentioned in its report that it regularly reviews every listed asset to maintain a high level of standard according to industry requirements. There is a high chance that the tokens are not maintaining their standards according to industry requirements. Binance also added that its priority is to ensure the best services and protections for its users while continuing to adapt to evolving market dynamics.
Besides delisting these tokens, Binance reviewed a variety of factors, based on which they decided to delist. These factors are as follows:
- Commitment of the team to the project
- Level and quality of development activity
- Stability and safety of the network from attacks
- Evidence of unethical/fraudulent conduct or negligence
- Level of public communication
Binance previous history of tokens delisting
Moreover, this is not the first time Binance is going to delist any trading pairs. Earlier this year, in February 2024, Binance delisted several top tokens including XMR, ANT, MULTI, and VAI as reported by Todayq News. Binance has repeatedly stated that user safety is their top priority and that delisting any tokens is done to safeguard investors and traders from any illicit activity.
In January 2024, several cryptocurrencies declined by 99%, experiencing rug pulls; however, they were not listed on Binance. Following all these ongoing activities, the overall cryptocurrency market has experienced a 1.3% upside momentum. Meanwhile, top cryptocurrencies like Bitcoin, Ethereum, Solana, and others have experienced a decent surge in the last 24 hours.
