Binance to delist WAVES, OMG and XEM on June 17, sparking price plunges

Binance will delist OMG Network, Waves, Nem and Wrapped NXM on June 17 — halting spot and margin trading for the pairs.

Binance wrote that several factors are generally taken into account when delisting coins and tokens, such as a lack of trading volume, quality or commitment to the project, network stability and others.

Token prices took a hit on the news, with Waves dropping nearly 30%. The project has own blockchain, exchange and wallet and enables decentralized applications and token issuance.

OmiseGO likewise dropped 27% at the time of publication. OMG, the native token of the OMG Network (previously OmiseGo), is an Ethereum Layer 2 project that positioned itself as a scaling solution for Ethereum.

Meanwhile, XEM dropped over 30%. XEM is the token of NEM, or New Economy Movement, a blockchain that utilizes a “proof of importance” consensus mechanism to ensure a more even distribution of rewards for those who participate in the network.

Withdrawals of the soon-to-be-delisted tokens will still be possible until Sept. 17.

The Block reached out to the teams of the affected tokens for comment.