These Altcoins Plunge by Double Digits Following Delistings From Binance: Details

TL;DR

  • Binance will halt trading services for some cryptocurrencies. The announcement was followed by significant price drops for the involved assets.
  • It recently introduced new trading pairs like BTC/MXN and removed some older ones, continuing to adjust its offerings to enhance user experience and respond to latest market trends.

The Affected Cryptocurrencies

Binance will terminate trading on all spot and margin pairs for the following tokens: OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). Withdrawals of these assets from the platform will not be supported after September 17, while the delisted coins may be converted into stablecoins on behalf of users after September 18.

“Binance Simple Earn will delist the tokens mentioned above after 2024-06-13 03:00 (UTC). Users may choose to redeem their Flexible and Locked Products positions beforehand. Otherwise, these Flexible and Locked Products positions will be automatically redeemed at the above-mentioned time and subsequently transferred to users’ Spot Wallets, together with any accrued rewards, from 2024-06-13 03:00 (UTC). 

Binance Auto-Invest will cease trading services with the tokens after June 7, while Binance Loans and VIP Loan will close the offering four days later.

The company did not provide an exact reason behind its move, reminding it periodically reviews each listed cryptocurrency to ensure it meets “a high level of standard and industry requirements.” Some of the important factors considered by Binance include the team’s commitment, level and quality of development activity, trading volume, liquidity, and more.

Some of the affected digital assets, such as OMG and WAVES, witnessed a double-digit price drop following the announcement. XEM was the worst affected, plummeting by over 30% on a 24-hour scale. Currently, it trades at a seven-month low of approximately $0.025 (per CoinGecko’s data).

XEM Price
XEM Price, Source: CoinGecko

Delisting cryptocurrencies from a major trading venue like Binance can significantly impact their price performance. The process may cause a negative perception of the tokens’ credibility and future potential, reputational damage, and other setbacks.

A similar price decline of an affected token occurred in February this year when the exchange halted trading services with Monero (XMR) and three other altcoins. The popular privacy coin saw its valuation drop by over 20% shortly after the announcement. 

Other Recent Binance Updates

The company enforced several amendments on its platform in the past few days, including the introduction of new trading pairs.

Last week, it added BTC/MXN, XRP/MXN, ENS/USDC, and LDO/USDC on Binance Spot. Two of the pairs touch upon the Mexican peso (MXN) – the national currency of the Latin American country. Earlier this year, the exchange launched a direct pair between USDT and MXN.

On the other hand, Binance removed some previously listed pairs, such as CAKE/TUSD, DYDX/BNB, and LAZIO/BTC.

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About the Author: Daniel