Binance to Delist OMG, XEM, WNXM, Price Tanks

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As a researcher with extensive experience in the cryptocurrency industry, I believe that Binance’s decision to delist OMG, XEM, and WNXM is a necessary step to maintain the exchange’s high standards and comply with industry requirements. While the short-term impact on these tokens’ prices was significant, it is essential to remember that such delistings are not uncommon in the crypto market. Exchanges regularly review their listed assets to ensure they meet specific criteria and industry standards.

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

As a crypto investor, I received the news from Binance today that I’ll be unable to trade spot and margin pairs for OMG, XEM, and WNXM starting at 03:00 UTC on June 17. According to Binance’s announcement, these cryptocurrencies failed to meet their industry standards during routine evaluations.

Starting from September 17, users are required to remove these tokens from Binance as they will no longer be supported on the platform. Prior to this date, Binance had already taken down these tokens from Binance Simple Earn, Finance Auto-Invest, and Binance Loans.

Binance states:

As an analyst, I would explain it this way: “Inevitably, there comes a time when a coin or token no longer adheres to our stringent standards or the industry undergoes significant shifts. In such cases, I personally lead a thorough evaluation and may recommend delisting. My primary goal is to provide our valued users with top-notch services and robust protections while staying agile in response to market changes.”

As a researcher studying the cryptocurrency market, I frequently come across instances where exchanges decide to delist certain digital assets from their platforms. Last year, OKX made such an announcement concerning several privacy tokens, including Monero (XMR. I was intrigued and looked into the reason behind this decision. The exchange explained that they were responding to concerns raised by their user base regarding privacy issues with these specific tokens.

After the announcement was made, the price of OMG dropped by nearly 29%, landing at $0.5054. Likewise, XEM saw a decrease of approximately 30%, resulting in a new price of $0.02491. Conversely, WNXM experienced only a minimal change, decreasing by about 3% to $80.59. Notably, the trading volume for OMG and XEM surged, with a remarkable increase of 578% for OMG and an impressive 2,297% hike in XEM’s volume. These fluctuations suggest that traders were making adjustments in response to the announcement.

As a financial analyst, I would rephrase the given text as follows:

Binance Revamps Its Web3 Wallet

In addition to announcing plans to delist some assets, the leading cryptocurrency exchange, Binance, has unveiled enhancements for its Web3 Wallet. This self-custody crypto wallet now offers new features: Simple Yield and Yield Plus, designed to streamline users’ earning experience within the Binance application.

The Binance Web3 Wallet now supports six additional blockchains – Degen Chain, BounceBit, Mode Network, KuCoin Chain, Ronin, and Tabi Testnet. This upgrade is intended to enhance user experience and further solidify Binance Web3 Wallet’s reputation as a leading self-custodial wallet known for being user-friendly, secure, and inclusive in the market.

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2024-06-03 13:26