Binance, the world's largest cryptocurrency exchange, announced that it has delisted several tokens in a move to maintain high standards and ensure industry compliance. Binance has announced that the tokens XEM, WNXM and XEM won't be traded on their platform after June 17, 2024.
Delisting Criteria
Binance reviews its digital assets periodically to ensure that they meet industry standards and requirements. Delisting a coin or token is influenced by several factors, including:
- The commitment of the project team
- The level and quality of the development activity
- Trading volume and liquidity
- Stability and safety of networks
- Communication and public response
- Compliance with regulatory requirements
- Contribution to the development of a sustainable and healthy crypto ecosystem
Binance uses these comprehensive reviews to maintain the integrity and safety of its trading environment.
Important Dates & Actions
Delisting will affect many trading pairs including OMG/USDT. WAVES/BTC. WAVES/ETH. WAVES/TRY. WAVES/USDT. WNXM/USDT. and XEM/USDT. The following dates and actions are important for users to note:
- After the trading halts at 03.00 (UTC) on June 17, 2024 all trade orders will automatically be removed.
- The deposits of these tokens won't be credited to your account after June 18, 2024 at 03:00 UTC.
- After September 17, 2024 at 03.00 (UTC), withdrawals of these tokens are not supported.
Also, Binance will be affected by several services:
- After June 13, 2024, Binance simple Earn: tokens will be removed from the list. It is recommended that users redeem their positions prior to this date.
- Binance auto-invest: The delisting of the product will take place after June 7, 2024. Users should adapt their plans in order to avoid failures during recurring cycles.
- Binance loans: Outstanding positions on loan will be closed by June 11, 2024 at 3:00 UTC. To avoid possible losses, users should repay their loans.
- Binance futures: The leverage and margin tiers of the WAVESUSDT permanent contract will be adjusted by June 3, 2024. All positions will also be closed on or before June 11, 2024.
Market Dynamics and Industry Impact
This announcement is made against a background of increased regulatory scrutiny and changing market dynamics in the cryptocurrency industry. Binance has a strategy of adapting to the changes in the market and maintaining its quality listings. This includes delisting tokens which do not meet its stringent standards.
In the past few months, other exchanges made similar moves that focused on user protection and compliance. This trend shows a growing focus on market stability and regulatory compliance across the entire crypto industry.
Look Forward
Binance reiterates their commitment to provide a safe trading environment, and to adapt to the changing market landscape. The exchange encourages users to keep up-to-date on such changes in order to effectively manage their investments. Binance is continuing to improve the sustainability and transparency of its ecosystem.
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