Binance to Delist Four Cryptos, Citing Lack of Industry Standards

Binance binance delisting WAVES

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Sujha Sundararajan

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Sujha Sundararajan

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Last updated:

June 3, 2024 06:32 EDT

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Binance, the world’s largest crypto exchange, is ceasing support and trading on all spot and margin pairs for four altcoins.

Starting June 17, Binance announced that it will delist altcoins including Waves (WAVES), OmiseGo (OMG), Wrapped NXM (WNXM) and NEM (XEM).

The exchange noted that these altcoin removals come in line with its periodical review of each digital asset. This ensures whether tokens continue to meet a high level of standard and industry requirements, Binance’s blog post read.

“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 best services and protections for our users while continuing to adapt to evolving market dynamics.”

Some of the factors evaluated during the periodical review includes token’s trading volume and liquidity, network stability and safety. The exchange also evaluates whether the token shows evidence of any fraudulent conduct, regulatory requirements, among others.

Further, Binance said that deposits of these altcoins will not be credited to user accounts after June 18. Additionally, it will not support withdrawals of these four tokens after September 18, 2024.

Following the delisting, WAVES token saw a sharp plunge of 25%, with the token currently trading at $1.67. The altcoin’s trading volume has jumped over 1340% as investors readjusted their holdings.

Binance Halts Cash Payments for P2P Trades in India

In the meantime, Binance’s India arm has stopped cash payment option for peer-to-peer trades.

The announcement to halt cash payments has affected local traders, who used Indian rupee (INR) option to avoid tax regulations.

Purushottam Anand, founder of Bengaluru-based blockchain firm Crypto Legal told Economic Times that P2P cash transactions expose parties to serious physical and financial risk, irrespective of whether any exchange is involved or not.

“There have been cases where traders have been physically assaulted and forced to transfer their virtual assets or hand over cash during physical meetings,” he added.