Binance has announced it is removing four major cryptocurrencies from the platform, citing several issues.
Binance is a highly ranked crypto exchange best known for its fast and secure crypto trading services worldwide. This exchange’s services are available in multiple countries, where crypto trading is legal and permitted.
On June 3, 2024, the cryptocurrency exchange Binance announced delisting plans for OMG coins, Waves coins, WNXM coins and XEM coins.
This latest decision by the Binance team was made on behalf of multiple factors of crypto listing and delisting criteria, such as trading volume, quality or commitment to the project, network stability, and others.
This decision will take effect on June 17 and subsequent withdrawals of the soon-to-be-deleted tokens will still be possible until September 17.
Price promotion
Following this news, the trading price of the Waves coin dropped by 27%+ within 6 hours.
The OMG coin also fell by almost 26.5% from $0.7 to $0.5 during the same period.
The trading price of the XEM coin has fallen by almost 30% in the last 6 hours, from $0.035 to $0.023.
The current trading price of the $WNXM coin is $81.4, which is only 1.8% lower, meaning that the trading price of this cryptocurrency remained unaffected after this bad news.
Binance and legal hurdles
Binance is currently having a hard time in multiple jurisdictions due to unclear rules and laws.
In particular, one of Binance’s employees is under the custody of Nigerian authorities for alleged tax exemption and price manipulation of the Naira currency.
Just a day ago, former Binance CEO Changpeng Zhao (CZ) just started a sentence in California on money laundering charges. CZ violated US AML measures by offering crypto services in the US jurisdiction, within proper measures and regulatory approvals.
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