Binance to Delist Four Cryptocurrencies Due to Industry Standards

Binance, the world’s largest crypto exchange, announced it will cease support and trading for four altcoins on all spot and margin pairs starting June 17. The altcoins to be delisted include Waves (WAVES), OmiseGo (OMG), Wrapped NXM (WNXM), and NEM (XEM).

This decision follows Binance’s regular review process to ensure all digital assets meet high industry standards and requirements. According to a blog post, the exchange conducts in-depth reviews and potential delistings when a coin or token fails to meet these standards or when the industry landscape shifts. “Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” the post stated.

Key factors in the review include trading volume and liquidity, network stability and safety, and evidence of fraudulent conduct or regulatory issues. Binance also noted that deposits of these altcoins will not be credited to user accounts after June 18, and withdrawals will be unsupported after September 18, 2024.

Following the delisting announcement, WAVES experienced a sharp 25% drop, trading at $1.67, while its trading volume surged over 1340% as investors adjusted their holdings.

Binance Halts Cash Payments for P2P Trades in India

In related news, Binance’s India division has discontinued the cash payment option for peer-to-peer (P2P) trades. This move impacts local traders who used the Indian rupee (INR) option to bypass tax regulations.

Purushottam Anand, founder of the Bengaluru-based blockchain firm Crypto Legal, told the Economic Times that P2P cash transactions pose significant physical and financial risks, regardless of exchange involvement. “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.