Binance announces removal of several cryptocurrencies and prices plummet

Binance, one of the largest cryptocurrency exchanges in the world, announced that it will remove four cryptocurrencies from its platform: OMG, WAVES, WNXM and XEM. The removal will take place on June 17th, when Binance will stop spot and margin trading for these currency pairs.

According to the announcement, the decision is based on a series of factors that the company considers when evaluating which assets to keep on the platform. Among the criteria are trading volume, quality or commitment to the project, network stability, among other aspects that can impact the viability and security of the tokens.

Binance removes cryptocurrencies and prices fall

The news of Binance’s removal had an immediate impact on the prices of the cryptocurrencies in question. Waves, for example, recorded a drop of almost 30% in the last 24 hours. At the time of writing this article, the cryptocurrency is costing US$1.70.

The Waves project is known for its own blockchain, exchange and wallet, as well as enabling the creation of decentralized applications and the issuance of tokens.

Meanwhile, OmiseGO, represented by the OMG token, has also seen a significant drop of over 28% at the time of publication and is now priced at $0.50. The OMG Network’s native token, an Ethereum Layer 2 project, aims to provide a scalability solution for Ethereum, one of the most used blockchains in the world of cryptocurrencies.

Another affected token was XEM, which fell more than 30% to $0.02523, according to data from CoinGecko. XEM is the token of NEM, or New Economy Movement, a blockchain that uses a consensus mechanism called “proof of importance” in order to ensure a fairer distribution of rewards to network participants.

Finally, the WNXM token has fallen by around 5% in the last 24 hours and at the time of writing is priced at US$80.44.

Despite the removal of trading pairs, Binance reported that withdrawals of these tokens will still be possible until September 17th. This provides a transition period for users to move their assets to other wallets or exchanges.