Coinspeaker
Binance to Delist OMG, XEM, WNXM, Price Tanks
Binance Holdings Ltd, the world’s largest crypto exchange recently announced the removal of three major cryptocurrencies from Binance’s spot and margin outlets. The cryptocurrencies include OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM). Shortly after the announcement, the price of these cryptocurrencies dropped drastically.
Binance and Its Plans for OMG, XEM, and WNXM
Binance gave the announcement earlier Today, stating that users will be unable to trade spot and margin trading pairs on OMG, XEM, and WNXM at 03:00 UTC on June 17. The exchange cites failure to meet industry standards and requirements done periodically as the reason for delisting these cryptocurrencies.
Users have until September 17 to withdraw these tokens from the platform, as support for them ceases on this date. Weeks before the delisting date, Binance has delisted these tokens from Binance Simple Earn, Finance Auto-Invest, and Binance Loans.
Binance states:
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics.”
It is not uncommon for exchanges to delist cryptocurrencies from their platform. Last year, OKX announced the delisting of several privacy tokens like Monero (XMR), citing privacy concerns from its users. In the case of Binance, the platform reviews listed crypto for maintaining a high level of standard and industry requirements. These comply with the exchange’s listing standards.
Following the announcement, the price of OMG decreased by 28% to $0.5054, XEM by 30% to $0.02491, and WNXM by 3% to $80.59 respectively. However, the trading volume of OMG and XEM increased by 578% and 2,297% respectively, indicating adjustments from traders.
Earlier in January, Binance added a monitoring tag to 10 tokens. At the time, it suggested a lot of risk and volatility associated with the crypto assets and that they may be delisted eventually. The cryptocurrencies slapped with the monitoring tag include ANT, FIRO, KP3R, MDX, MOB, REEF, VAI, XMR, ZEC, and ZEN. Only time will tell if Binance will delist more cryptocurrencies as the crypto market matures.
Binance Revamps Its Web3 Wallet
Beyond the delisting plans, the top crypto trading platform recently introduced new features and improvements to its Web3 Wallet, its self-custody crypto wallet. Accordingly, the Earn page for the Web3 Wallet now features two new sections; Simple Yield and Yield Plus, aiming to optimize users’ earning experience on the Binance app.
The Binance Web3 Wallet has expanded support for six more blockchains, including Degen Chain, BounceBit, Mode Network, KuCoin Chain, Ronin, and the Tabi Testnet. These improvements to Binance Web3 Wallet aim to improve user experience and strengthen its standing as one of the market’s most user-friendly, safe, and inclusive self-custodial wallets.
