- Binance has decided to delist and stop the trading of OMG, WAVES, WNXM, and XEM pairs.
- The platform’s decision follows a periodical review that verifies certain factors and assures the standards of tokens.
- The exchange has stopped the cash payment feature in its Indian branch, aligning with the government’s regulatory requirements.
Binance, the world’s largest cryptocurrency exchange by trading volume, has decided to delist several tokens, including OmiseGo (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). According to Binance’s official announcement, the exchange will remove all spot and margin trading pairs for these tokens on June 17, 2024.
Binance periodically reviews the digital assets listed on its platform. The exchange verifies certain factors to ensure that tokens meet a high level of standard and industry requirements. These factors include development activity, commitment, trading volume and liquidity, regulatory adherence, and public communication. Binance added:
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics.”
The specific trading pairs being removed from Binance are:
- OMG/USDT
- WAVES/BTC
- WAVES/ETH
- WAVES/TRY
- WAVES/USDT
- WNXM/USDT
- XEM/USDT.
The exchange announced that deposits of these tokens will not be credited to user accounts after June 18. Additionally, the platform will not support withdrawals of these tokens after September 18, 2024.
Meanwhile, Binance India closed its cash payment feature, aligning with the government’s insistence on stricter regulatory compliance. Binance’s move aims to mitigate the risks of peer-to-peer cash transactions, as noted by Purushottam Anand, founder of Crypto Legal, a Bengaluru-based blockchain and crypto-focused law firm. Anand said, “P2P cash transactions, with or without the involvement of any exchange, expose parties to serious physical and financial risk.” He added:
“There have been cases where traders have been physically assaulted and forced to transfer their virtual assets or hand over cash during physical meetings. Victims hesitate in filing criminal complaints due to regulatory uncertainty regarding the legality of such cash transactions.”
Binance’s regular token review and amendments demonstrate the platform’s commitment to regulatory norms. The exchange prioritizes the security and privacy of its clients, avoiding any potential breach of security laws.
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