Binance, the largest cryptocurrency exchange in the world, has decided to delist four altcoins due to a lack of industry standards. Starting from June 17, Binance will no longer support trading for Waves (WAVES), OmiseGo (OMG), Wrapped NXM (WNXM), and NEM (XEM), both in spot and margin pairs.
The decision to remove these altcoins aligns with Binance’s regular review process for each digital asset. The exchange ensures that tokens meet high standards and industry requirements. Binance prioritizes providing the best services and protections for its users while adapting to market changes.
During the review process, Binance evaluates several factors, including the token’s trading volume, liquidity, network stability, and safety. The exchange also assesses whether the token exhibits any fraudulent behavior and complies with regulatory requirements.
Deposits of these altcoins will not be credited to user accounts after June 18, and withdrawals will not be supported after September 18, 2024.
Following the delisting announcement, the price of WAVES token experienced a significant drop of 25%. Currently, the token is trading at $1.67, and its trading volume has increased by over 1340% as investors adjust their portfolios.
Meanwhile, Binance’s India arm has decided to halt cash payments for peer-to-peer trades. This decision has affected local traders who used the Indian rupee (INR) option to avoid tax regulations.
Purushottam Anand, the founder of Bengaluru-based blockchain firm Crypto Legal, stated that P2P cash transactions expose parties to physical and financial risks, regardless of whether an exchange is involved. There have been cases of traders being physically assaulted and coerced into transferring their virtual assets or handing over cash during face-to-face meetings.
It is essential for traders to be cautious and prioritize their safety when engaging in cryptocurrency transactions.
