Binance to Delist Waves, OMG, Nem and Wrapped NXM From its Platform

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Binance, the world’s leading cryptocurrency exchange platform announced its decision to delist Waves, OMG Network (previously called OmiseGO), Nem and Wrapped NXM from its platform on June 17, halting both spot and margin trading for these pairs. According to the official announcement,  the news has had a notable impact on the prices of the affected tokens, causing significant declines.

Several Factors Could be Responsible for the Delisting

The decision to delist these particular tokens stems from an evaluation that likely considers factors such as trading volume, liquidity, compliance with regulatory requirements, the project’s overall development progress, and more. While Binance has not specified the exact reasons for the delisting, such actions are typically taken when tokens fail to meet the exchange’s stringent criteria.

The market reaction to this announcement was swift and severe. The prices of Waves, OMG Network, Nem and Wrapped NXM all experienced sharp drops, reflecting investor concern and the anticipated reduction in trading opportunities. 

Waves, a blockchain platform focused on custom token creation and decentralized applications, saw its price fall by 30% as traders reacted to the news. Similarly, OMG Network, known for its scaling solution for Ethereum, faced a notable price decline of 27%. NEM also dropped over 30%. However, withdrawals of the tokens will still be possible until September 17.

Binance Delists BUSD Stablecoin 

Recall that in November 2023, Binance announced its decision to discontinue support for its native stablecoin, the BUSD (Binance USD) following an earlier directive for the stablecoin issuer Paxos to cease minting the token earlier in 2023.

As reported by TheCoinRise.com, the exchange will completely wind down support for its BUSD spots and margin trading pairs on December 15. Afterward, users’ BUSD holdings will be transitioned into an alternative stablecoin named FDUSD.

Meanwhile, the move to cease BUSD support aligns with the broader regulatory landscape and the circumstances surrounding the stablecoin issuer. By setting a phased timeline, Binance aimed to provide its users ample time to transition to the recommended alternative.

Binance Delist Major Coins Focused on Privacy

In an email sent in May 2023, Binance notified users in multiple countries, including France, Poland, and Italy, that it planned to discontinue the trading of privacy-focused cryptocurrencies. Following the cessation of trading for privacy-centric cryptocurrencies, the exchange allowed customers sufficient time to securely transfer their assets and helped them comply with new regulatory requirements.

The impacted coins, as stated include DCR, DASH, PIVX, ZEC, ZEN, NAV, SCRT, XVG, XMR, BEAM, MOB, FIRO, and XVG. Following requirements from financial institutions and regulatory agencies, this choice was made to put more stringent controls on how cryptocurrencies are monitored and regulated to stop crimes like money laundering, supporting terrorism, and tax evasion.

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