tl;dr
Binance has announced the delisting of four altcoins - OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) - effective June 17, 2024. The decision is part of routine scrutiny to maintain trading quality, considering factors like project dedication, development quality, trading activi...
Binance Delisting Announcement Binance to Delist OMG, WAVES, WNXM, and XEM on June 17, 2024
Binance has announced the delisting of four altcoins - OMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) - effective June 17, 2024. The decision is part of routine scrutiny to maintain trading quality, considering factors like project dedication, development quality, trading activity, community engagement, and regulatory compliance.
Impact and Reasons for Delisting
The affected trading pairs will be halted, and deposits for these tokens will not be accepted after June 18. Binance will cease support for these altcoins across various services. The value of these altcoins declined sharply following the announcement, with significant impacts on the crypto markets.
The crypto exchange claims that this move is part of its routine scrutiny to ensure the trading quality remains top-notch. The criteria influencing this include the dedication of the project teams, the quality of project development, levels of trading activity, network stability, community engagement, adherence to new regulatory demands, and their overall impact on the blockchain domain.
Trading Pairs and Services Affected
The affected trading pairs are OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT. After June 17, Binance will automatically cancel all pending orders for these pairs. Furthermore, from June 18, the platform will no longer accept deposits of these tokens. However, withdrawals will remain possible till September 17, 2024.
Moreover, Binance will extend this policy to other services, including Binance Earn, Binance Savings, Binance Staking, Binance Margin, Binance Convert, Binance Gift Cards, and Binance Pay, all of which will also cease supporting these altcoins.
Potential Token Conversion and Price Declines
Investors should be aware of the potential conversion of the delisted tokens into stablecoins after September 18, 2024. The exchange warns that the conversion rates at that time cannot be predetermined and will make a separate announcement before the commencement of this exchange.
Price Performance Post-Announcement
Following the announcement, the value of these altcoins declined sharply. Specifically, OMG dropped by 25.76%, WAVES by 27.06%, and XEM by 28.73%. In contrast, WNXM recovered quickly from market correction, currently down by just 3.27%.
These significant price changes underscore Binance’s decisions’ profound impact on crypto markets. Previous instances, such as the delisting of DREP, MobileCoin, and pNetwork in March, led to their values halving within hours.
More about American Axle & Manufacturing
American Axle & Manufacturing Holdings, Inc. American Axle & Manufacturing Holdings, Inc.
American Axle & Manufacturing Holdings, Inc. designs, designs and manufactures transmission line and metal forming products in the United States, Mexico, South America, China, other Asian countries, and Europe. The company is headquartered in Detroit, Michigan.
Company Details
Industry: MOTOR VEHICLE PARTS & ACCESSORIES
Market Cap: 898105000
Dividend Yield: -0.08
Price/Earnings Ratio: 52.88
EPS: -0.0013
Volume: 6192500000
Stock Performance:
- Change: 7.81
- Percent Change: -0.645%
- Beta: 0.076