On June 3, 2024, BINANCE announced the delisting of four major cryptocurrencies: OMG, WAVES, WNXM, and XEM, causing their prices to plummet.
This decision, based on regular evaluations, highlights the stringent standards required for continued listing on the platform.
Discover the detailed timeline for the delisting process and the reasons behind this significant move by one of the largest cryptocurrency exchanges.
Contents
Service Termination Starting June 17, 2024
On June 3, 2024, cryptocurrency exchange BINANCE announced the delisting of four cryptocurrencies: OMG, WAVES, WNXM, and XEM. This delisting will be carried out in stages starting June 17, 2024, with related services being gradually discontinued.
The four cryptocurrencies to be delisted are:
- OmiseGO (OMG)
- NEM (XEM)
- Waves (WAVES)
- Wrapped NXM (WNXM)
Deposits for these four cryptocurrencies will cease on June 18, 2024, and withdrawals will no longer be possible after September 17, 2024. Additionally, the delisted tokens may be converted to stablecoins as of September 18, 2024.
For more detailed information, please refer to BINANCE's official announcement.
Reasons Behind the Delisting of the Four Cryptocurrencies
The primary reason for the delisting, as cited by BINANCE, is the failure of these cryptocurrencies to meet the standards set by BINANCE's regular evaluations. Although specific criteria that were not met have not been disclosed, examples of evaluation criteria include:
- The team's commitment to the project
- The level and quality of development activity
- Trading volume and liquidity
- Stability and security of the network against attacks
- Stability of the network/smart contracts
- Level of communication with general users and investors
- Responsiveness to regular due diligence requests
- Evidence of unethical/fraudulent conduct or negligence
- New regulatory requirements
- Contribution to a healthy and sustainable cryptocurrency ecosystem
Price Drop of OMG, WAVES, and XEM Exceeding 20%
Following the delisting announcement, the prices of OMG, WAVES, WNXM, and XEM have plummeted. As of the time of writing, the decline rates over the past 24 hours are as follows:
| Cryptocurrency | 24-Hour Decline Rate |
|---|---|
| OMG | -24.18% |
| WAVES | -23.68% |
| WNXM | -4.25% |
| XEM | -24.91% |
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