Binance, one of the largest cryptocurrency exchanges, recently announced the delisting of several tokens in a move to ensure high standards and compliance with industry regulations. According to Binance, OMG, WAVES, WNXM, and XEM tokens will no longer be tradable on the platform starting June 17, 2024.
Standards for delisting
Binance regularly reviews digital assets listed on its platform to ensure they meet high standards and industry requirements. There are several factors that influence the decision to delist a coin or token, including:
- Project team commitment
- Level and quality of development activities
- Trading volume and liquidity
- Network stability and safety
- Public Communications and Response
- Compliance with regulatory requirements
- Contribute to a healthy and sustainable cryptocurrency ecosystem
These comprehensive reviews help Binance maintain the integrity and security of the trading environment.
Important Dates and Actions
The delisting process affects several trading pairs, including OMG/USDT, WAVES/BTC, and WAVES/.ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT and XEM/USDT. Users should note the following key dates and actions:
- All trading orders will be automatically removed after trading closes at 03:00 (UTC) on June 17, 2024.
- Deposits of these tokens will not be credited after 03:00 on June 18, 2024 (UTC).
- Withdrawals of these tokens will not be supported after 03:00 (UTC) on September 17, 2024.
Additionally, several Binance services are affected:
- Binance Simple Savings: Tokens will be delisted after June 13, 2024. Users are advised to redeem their positions before this date.
- Binance Auto Invest: Delisting will occur after June 7, 2024. Users must adjust their plans to avoid failure in the iterative cycle.
- Binance Loans: Outstanding loan positions will be closed at 03:00 (UTC) on June 11, 2024. Users must repay the loan to avoid potential losses.
- Binance Futures: The leverage and margin ratings for the WAVESUSDT perpetual contract are scheduled to be adjusted on June 3, 2024, and all positions are scheduled to be closed and settled by June 11, 2024.
Market Dynamics and Industry Impact
The announcement comes amid heightened regulatory scrutiny and evolving market dynamics within the cryptocurrency industry. Delisting tokens that do not meet Binance’s stringent standards is part of our strategy to adapt to these changes and maintain listing quality.
In recent months, several other exchanges have taken similar steps, focusing on compliance and user protection. This trend reflects an increasing emphasis on regulatory compliance and market stability across the cryptocurrency industry.
from now on
Binance reiterates its commitment to providing a safe trading environment and adapting to the evolving market environment. The Exchange advises users to stay informed of these changes in order to effectively manage their investments. The removal of these tokens reflects Binance’s ongoing efforts to improve the sustainability and transparency of its ecosystem.
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