TLDR
- Binance announced it will delist and cease trading for WAVES, OMG, WNXM, and XEM tokens on June 17th, citing failure to meet the exchange’s standard requirements.
- The WAVES price dropped over 24% to $1.80 after the delisting news.
- OMG, WNXM, and XEM prices also fell around 25-29% following the announcement.
- Binance periodically reviews listed cryptocurrencies for factors like team commitment, development activity, liquidity, stability, public communication, and regulatory compliance.
- Binance will also remove the delisted tokens from its Earn, Auto-Invest, and Loans products prior to the June 17th delisting date.
Major cryptocurrency exchange Binance announced on Monday that it will delist and cease trading for the WAVES, OMG Network, Wrapped NXM, and NEM tokens effective June 17th.
The delisting comes after Binance’s periodic review found these cryptocurrencies failed to meet the exchange’s standards and industry requirements.
According to Binance’s blog post, users will no longer be able to trade the WAVES/USDT, OMG/USDT, WNXM/USDT, and XEM/USDT spot and margin trading pairs after the June 17th cutoff date and time of 3:00 UTC.
The final date to withdraw any remaining token balances will be September 17th. Binance will also delist these tokens from its Binance Earn, Binance Auto-Invest, and Binance Loans products a few weeks prior.
The delisting announcement precipitated an immediate selloff, with the WAVES token plummeting over 24% to around $1.80 according to CoinMarketCap data. OMG, WNXM, and XEM also saw double-digit percentage drops of roughly 25-29% in the hours following the news.
Binance conducts periodic reviews of all listed cryptocurrencies to evaluate factors such as the project team’s commitment, development activity levels, trading volume and liquidity, network security and stability, smart contract audits, public communication, responsiveness to due diligence requests, any unethical conduct, regulatory compliance, and overall contribution to the crypto ecosystem.
While Binance did not specify which criteria these four tokens failed to meet, the WAVES blockchain has faced notable challenges recently.
Its founder Sasha Ivanov revealed the Waves Labs company was hacked for six months by suspected Russian mafia groups, incurring financial damages.
Ivanov denied involvement in a separate $530 million loss from the Vires Finance lending protocol built on Waves.
The Binance delisting also follows prior removals of WAVES by other major exchanges like Binance.US, Upbit, and Bithumb amid issues with the Waves-backed Neutrino USD stablecoin losing its peg to the US dollar.
As one of the world’s largest and most influential cryptocurrency trading platforms, Binance’s listing and delisting decisions carry significant weight and implications for token projects and market prices.
The latest round of delistings underscores the exchange’s ongoing push to enforce quality standards across all listed digital assets.
