Binance, one of the world’s largest cryptocurrency exchanges, has announced the delisting of OMG Network (OMG), Waves (WAVES), NEM (XEM), and Wrapped NXM (WNXM) on June 17, halting both spot and margin trading for these pairs. This decision has led to a significant drop in the prices of the affected tokens.

Binance stated that the delisting decision is based on several factors, including a lack of trading volume, project quality and commitment, and network stability. Following the announcement, Waves dropped nearly 30%. Waves is known for its blockchain, exchange, and wallet, which enable decentralized applications and token issuance.

OmiseGO (OMG) fell by 27%. The native token of the OMG Network, previously known as OmiseGo, is an Ethereum Layer 2 project that aims to provide a scaling solution for Ethereum. NEM (XEM) experienced a 30% decline. XEM is the token of the New Economy Movement (NEM), a blockchain utilizing a “proof of importance” consensus mechanism to ensure an even distribution of rewards for network participants.

Despite the delisting, withdrawals of these tokens will still be possible until September 17. Binance's decision has sparked significant market volatility, reflecting the sensitive nature of crypto markets to such announcements. The Block has reached out to the teams of the affected tokens for comment.