Binance announced to delist 4 major cryptocurrencies from the platform citing several issues.
Binance is a top-ranked crypto exchange that is mainly known for fast & secured crypto trading services globally. The services of this exchange are available in multiple countries, where crypto trading is legal & allowed.
On 3 June 2024, the Binance crypto exchange announced delisting plans for OMG coin, Waves coin, WNXM coin, & XEM coin.
This latest decision by the Binance team was taken on behalf of multiple factors of crypto listing & delisting criteria e.g. trading volume, quality or commitment to the project, network stability and others.
This decision will come into effect on 17 June and later withdrawals of the soon-to-be-delisted tokens will still be possible until 17 Sep.
Price action
Following this news the trade price of Waves coin crashed 27%+ within 6 hours.
OMG coin also crashed by nearly 26.5% from $0.7 to $0.5 within the same period.
The trade price of XEM coin crashed by nearly 30% in the last 6 hours, from $0.035 to $0.023.
The current trade price of $WNXM coin is $81.4 which is only 1.8% down which means the trade price of this cryptocurrency remained unfazed following this bad news.
Binance & legal hurdles
Currently, Binance is struggling badly in multiple jurisdictions because of unclear rules & laws.
In particular, one of Binance’s employees is under the custody of the Nigerian authorities over alleged tax exemption & price manipulation of the Naira currency.
Just a day ago, Binance’s former CEO Changpeng Zhao (CZ) has just begun a sentence in California over money laundering charges. CZ violated US AML measures by providing crypto services in the US jurisdiction within proper measures & regulatory approvals.
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