Binance made a major adjustment! NEM, OMG, and Waves were delisted, and the market reacted violently

Cryptocurrency exchange giant Binance recently announced a shocking decision to completely delist three cryptocurrencies, NEM (XEM), OMG Network (OMG), and Waves (WAVES), and the related trading pairs will be completely withdrawn from the market. This move immediately triggered violent market fluctuations. Although the prices of these three cryptocurrencies saw a brief double-digit increase after the delisting news was announced, they quickly fell back.

According to CoinMarketCap data, within 24 hours after the news was released, the price of XEM plummeted by 12.88%, while OMG and WAVES fell by 14.51% and 18.17% respectively. This market reaction undoubtedly highlights the huge influence of Binance as a leading global exchange.

Binance made it clear in its announcement on Monday that these three cryptocurrencies will be abandoned from June 17. From June 18, the exchange will no longer accept users to deposit these tokens. More worryingly, after September 18, users holding these tokens will not be able to withdraw them from Binance. In addition, despite rumors that these tokens may be converted into stablecoins, Binance has not made a clear commitment to this.

As one of the world's largest cryptocurrency exchanges, Binance has always been known for its strict listing review standards and regular market cleanups. The decision to delist is based on a comprehensive consideration of a series of factors such as the current state of development activities, project team commitment, liquidity levels, regulatory requirements, and network stability.

This adjustment is not the first time for Binance. In fact, the exchange has delisted six trading pairs last month. However, the delisting of three mainstream cryptocurrencies at one time has undoubtedly brought a greater impact to the market. This decision once again proves the volatility and uncertainty of the cryptocurrency market, and also reminds investors to be more cautious and rational when investing.

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