Binance, a major cryptocurrency exchange, announced today that it will be removing four altcoins from its platform. This significant decision was accompanied by explanations for the delisting and a caution to investors about the specifics.

Today, Binance made a big announcement: four altcoins will soon be delisted from the platform. The exchange explained why it made this decision and warned investors to be aware of the details.

Details of the Delisting

In today's announcement, Binance revealed that OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) will be removed. The delisting will occur on June 17, 2024, at 06:00 AM Turkey time. For more tech news, visit NEWSLINKER.

Binance stressed that meeting high standards of quality and reliability is crucial for cryptocurrencies. The exchange regularly reviews altcoins based on several important factors.

Some factors Binance considers include the commitment of the altcoin project’s development team, the level and quality of their development work, and the trading volume and liquidity of the altcoin. Additionally, they look at the stability and security of the network, how well the network and smart contracts operate, the openness of communication with the community, and the responses to Binance’s due diligence inquiries.

User Warnings

Binance highlighted that the trading pairs being removed include OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. Once trading stops, all open orders in these pairs will be automatically cancelled.

Binance advised users to check their wallets and make sure they haven't selected the “Hide Small Balances” option so they can see their assets after the delisting.

Deposits for delisted tokens after June 18, 2024, will not be credited to user accounts, and withdrawals of these tokens will not be supported after September 17, 2024. Binance users should keep these points in mind.

Impact on Affected Cryptocurrencies

After the delisting news, the affected cryptocurrencies saw sharp declines. NEM (XEM) dropped 27.67% to 0.02638 USDT. Waves (WAVES) fell by 25.19% to 1.788 USDT. OmiseGO (OMG) decreased by 22.41% to 0.554 USDT.

Conclusion

Binance's decision to delist these four altcoins underscores the importance of maintaining high standards in the cryptocurrency market. Investors and users are advised to be aware of the upcoming changes and take necessary actions regarding their assets.