These Altcoins Drop by Double Digits After Binance Delistings. Binance will disable trading services for some cryptocurrencies shortly. After the information was disclosed, the prices of the assets in question witnessed significant drops. It has removed some older trading pairs and added new ones, such as Bitcoin to Mexican Pesos, as part of its continued effort to improve the user experience and respond to current market trends. Also, it has added new trading pairings.
The Affected Cryptocurrencies
On all spot and margin pairs, Binance will immediately cease trading OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). This change will take effect upon immediate implementation. After September 17, the site will no longer allow users to withdraw these assets from their accounts. On the other hand, from September 18, users will have the ability to have their delisted coins converted into stablecoins on their behalf automatically. However, the company regularly examines all cryptocurrencies listed to ensure they meet “a high level of standard and industry requirements.” The company did not provide any explanation for why it adjusted. The team’s commitment, the quantity and quality of development efforts, the volume of trades, the liquidity, and some other factors are among the most important factors that Binance considers.
Following the revelation, the values of a number of the affected digital assets, including OMG and WAVES, plummeted by a significant amount, reaching double digits.XEM experienced the most precipitous decline, with a one-day plunge of more than thirty percent. According to the data provided by CoinGecko, it is currently trading at approximately $0.025, its lowest value in seven months. The delisting of cryptocurrencies by major trading platforms such as Binance might significantly impact the performance of cryptocurrency prices. The method may result in a negative perception of the tokens’ legitimacy and future prospects, as well as damage to their reputation and other possible issues. Because the exchange stopped selling Monero (XMR) and three other alternative cryptocurrencies in February of this year, the price of an equivalent token decreased.
Other Recent Binance Updates
Over the past several days, the company has made many modifications to the platform, including adding new trading pairs. The list now includes a few new couples.
