Binance Announces Delisting of 4 Altcoins amid Price Decline
Binance has announced that the delisting of certain trading pairs is part of its routine review process to uphold trading quality. Factors influencing this decision include project team dedication, development quality, trading activity, network stability, community engagement, compliance with regulatory requirements, and their impact on the block chain.
The affected trading 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 cancelled after June 17.
From June 18 onwards, Binance will no longer accept new buy orders using these pairs. However, withdrawals will remain possible until September 17, 2024.
Furthermore, Binance will discontinue support for these coins in other services such as Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay. Notably, Binance Futures will remove the WAVES/USDT pair on June 11, while perpetual contracts for OMG/USDT and XEM/USDT will not be affected.
Investors should consider converting these coins into stablecoins, a service Binance plans to facilitate after September 18, 2024.
Following the announcement, the affected coins experienced significant price drops. OMG declined by 25.76%, WAVES by 27.06%, and XEM by 28.73%. Conversely, WNXM quickly recovered from its decline, currently showing only a 3.27% decrease.
These price fluctuations underscore the substantial influence of Binance's decisions on cryptocurrency markets. Previous delisting’s, such as DREP, MobileCoin, and pNetwork in March, resulted in their values plummeting by half within hours. Conversely, the listing of new tokens like Axelar Network (AXL/USD) and Dogwifhat (WIF/USD) in March saw their prices surge by over 25% post-announcement.