- Binance has announced that it will delist four cryptocurrencies, including some 2017 favorites
- WAVES, OMG, and XEM are three of the four coins that have been culled
- Binance said that the coins failed to meet its “high level of standard”
Binance has announced that it will delist four cryptocurrencies which failed to “meet a high level of standard and industry requirements”, including three coins which are relics of years gone by. OmiseGO (OMG), Waves (WAVES), and NEM (XEM) will be removed from the platform on June 17, with Wrapped NXM (WNXM) making up the quartet. Those who were around during the 2017 bull market will remember OMG, WAVES, and XEM, but their removal shows that time and standards have moved on since those halcyon days.
Binance Deals Hammer Blow
Binance is no stranger to delistings, and it once again laid out the criteria it uses to decide which coins can stay on its platform:
At Binance, we periodically review each digital asset we list to ensure that it continues to meet a high level of standard and industry requirements. 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 exchange then detailed the criteria it uses in its reviews, which includes the commitment of the team to the project, the level and quality of development activity, trading volume and liquidity, and any evidence unethical/fraudulent conduct or negligence.
Memories of 2017
For obvious reasons, Binance didn’t go into detail about why it had chosen to delist OMG, WAVES, XEM and WNXM, but the fact that three of the four have been around for at least seven years suggests that development has more or less stopped and the projects have been all but forgotten.
This is a far cry from the crazy days of yore when OMG jumped 4x on rumors of a partnership with McDonald’s in 2017, while WAVES enjoyed a six-month-long pump the following year while the rest of the market was dying. XEM is perhaps most famous for being the medium through which the Coincheck hackers stole $350 million in January 2018.
All four coins naturally suffered when the news broke, all registering double-digit falls up to 25%. Given that it is still the biggest exchange by volume, a Binance listing and delisting carries tremendous weight.
