Binance Delists 4 Altcoins (WAVES, OMG, WNXM, XEM)

Cryptocurrency exchange Binance is delisting Waves, OmiseGo, Wrapped NXM, and NEM due to a regular evaluation of digital assets.

Binance announced that it would delist alternative cryptocurrencies such as Waves (WAVES), OmiseGo (OMG), Wrapped NXM (WNXM), and NEM (XEM) beginning on June 17.

These altcoin removals are consistent with the exchange’s periodic evaluation of every digital asset, it was noted. This ensures that tokens continue to comply with industry and standard requirements, according to a blog post by Binance.

“If an industry landscape shifts or a coin or token ceases to conform to these standards, we undertake a more comprehensive evaluation and may consider delisting it.” Ensuring optimal services and protections for our users remains our foremost objective as we consistently adjust to the ever-changing dynamics of the market.

Among the factors assessed throughout the periodic evaluation are the trading volume and liquidity of the token, as well as the stability and security of the network. In addition to these factors, the exchange assesses the token for indications of fraudulent activity and compliance with regulatory requirements.

Additionally, Binance stated that user accounts will not receive deposits of these altcoins after June 18. Furthermore, withdrawals of these four tokens will be prohibited after September 18, 2024.

As a result of the delisting, the value of the WAVES token plummeted by 25%, and it is presently trading at $1.67. The trading volume of the alternative cryptocurrency has increased by more than 1340% due to investors reassessing their holdings.

Binance Suspends Cash Payments for P2P Transactions in India

The India division of Binance has since discontinued the cash payment option for peer-to-peer transactions.

The decision to stop accepting cash payments impacted neighborhood vendors because they used the Indian rupee (INR) as a substitute currency to get around tax laws.

The Economic Times quoted Purushottam Anand, proprietor of the Bengaluru-based blockchain firm Crypto Legal, saying that regardless of the presence or absence of an exchange, P2P cash transactions subject participants to significant physical and financial risk.

“Traders have been physically assaulted and coerced into handing over cash or transferring virtual assets during in-person meetings,” he further stated.