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Binance Delisting Cryptos: Prices Drop 25% After Support Cessation

Binance Delisting Cryptos: Prices Drop 25% After Support Cessation

According to a Monday announcement by Binance, the largest cryptocurrency exchange in the world, these four cryptocurrencies will no longer be traded on Binance spot and margin. Prices have dropped significantly as a result of the delisting announcements for Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM).

Binance announces the delisting of XEM, NXM, OMG, and WAVES

On June 3, exchange made a formal notification stating that it has chosen to delist and stop trading on all Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM) spot and margin trading pairs. On June 17, at 03:00 UTC, users can no longer trade these coins.

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According to exchange claims, these cryptocurrencies have not met industry standards in the exchange’s quarterly assessments.

“We undertake a more thorough evaluation and may delist a coin or token when it no longer satisfies these requirements or the market environment shifts. As we continue to adjust to the changing dynamics of the industry, our first objective is to guarantee the finest services and protections for our consumers, according to exchange.

September 17 is the last day to withdraw these tokens before the exchange stops supporting them entirely. Weeks before the delisting date, Exchange delists these tokens from Binance Simple Earn, Binance Auto-Invest, and Binance Loans.

The Delisting Factors For Every Crypto On Binance

cryptocurrency trading examines listed cryptocurrencies to ensure they adhere to strict industry standards. These comply with the exchange’s listing standards.

These include the level of public communication, the team’s dedication to the project, development activity, trading volume and liquidity, network stability, and safety, smart contract stability, response to the exchange’s periodic requests for due diligence, unethical or fraudulent conduct or negligence, regulatory requirements, and contribution to the cryptocurrency ecosystem.

Prices Dropped Following Disclosure

Following Binance’s announcement, the price of WAVES fell by more than 25% to $1.77. Due to swift readjustments to holdings by traders and investors, the trading volume has increased by nearly 900%.

In the meantime, throughout the past few hours, the prices of OMG, WNXM, and XEM have decreased by over 25%,3%, and 29%, respectively.

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