Binance, the world’s largest cryptocurrency exchange by trading volume, announced its decision to delist several tokens, including OmiseGo (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). According to Binance’s official statement, all spot and margin trading pairs for these tokens will be removed on June 17, 2024.
The exchange regularly reviews the digital assets listed on its platform to ensure they meet stringent industry standards. Binance evaluates factors such as development activity, commitment, trading volume, liquidity, regulatory adherence, and public communication. The exchange emphasized:
“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 include:
- OMG/USDT
- WAVES/BTC
- WAVES/ETH
- WAVES/TRY
- WAVES/USDT
- WNXM/USDT
- XEM/USDT
Binance noted that deposits of these tokens will not be credited to user accounts after June 18. Furthermore, the platform will cease to support withdrawals of these tokens after September 18, 2024.
In parallel with these adjustments, Binance India has shut down its cash payment feature, aligning with the Indian government’s push for stricter regulatory compliance. This move aims to reduce the risks associated with peer-to-peer cash transactions. Purushottam Anand, founder of Crypto Legal, a Bengaluru-based blockchain and crypto-focused law firm, commented:
“P2P cash transactions, with or without the involvement of any exchange, expose parties to serious physical and financial risk. 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 reviews and platform adjustments reflect its commitment to regulatory compliance and user security. The exchange prioritizes the safety and privacy of its clients, ensuring adherence to evolving security laws and regulations.
While these moves demonstrate Binance’s proactive stance in maintaining regulatory compliance and enhancing user protection, they have not been without controversy. Critics argue that the delisting of tokens could limit market diversity and restrict investment opportunities for users. Additionally, the abrupt cessation of services like the cash payment feature in India might inconvenience users who rely on these methods for transactions. However, Binance maintains that these steps are necessary to safeguard the interests of its users and adapt to the ever-changing regulatory landscape.
