Binance is removing these tokens from their platform, does this affect you?

Binance says goodbye to three cryptocurrencies

Binance listings always attract a lot of attention, similar to the soon-to-be-planned LISTA. But elimination too! The exchange announced that it was parting ways with three very specific cryptocurrencies this month, and it’s already causing controversy.

This morning it announced the retirement of NEM (XEM), OMG Network (OMG), Wrapped NXM (WNXM) and Waves (WAVES) tokens. From June 17 these will not be available for spot or margin trading. Add-on products like Binance Pay will also take this abandonment into account.

Source: Binance X account

Do you own these cryptocurrencies? Here’s what to expect! As of June 18th, these tokens will no longer be able to be deposited on the platform, and after September 18th, they will not be able to be withdrawn.

Moving on: our take on Binance in 2024: top or flop?

Despite the significant impact of this decision, Binance did not provide specific reasons to justify the removal of these projects from its platform. This uncertainty appears to have had an immediate impact on the markets. XEM is down 31%, while OMG and WAVES are down 26% and 29% in the last 24 hours. WNXM, for its part, only lost 4%!

xem binance
Source: XEM price according to CoinMarketCap

Major period of platform rebuilding

These new delistings come at a time when Binance is going through a period of major adjustment, something that the DEX is doing with the evolution of the industry.

Changpeng Zhao, its iconic founder, is now serving his prison sentence, and Binance recently decided to withdraw its license applications from the Hong Kong SFC after falling out with local regulators.

Source: Wu Blockchain X account

At the same time, Binance France changed hands to continue to meet the criteria of the Financial Markets Authority (AMF). While CZ owned 100% of the company, the French branch was taken over by two other founding members.

Moral of the story: Binance wants to be firm on ends and flexible on means.

Disclaimer

Disclaimer: In accordance with The Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent information. This article aims to provide accurate and relevant information. However, readers are encouraged to check the facts for themselves and seek professional advice before making any decisions based on this content.

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