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Binance to Delist Four Cryptos, Citing Lack of Industry Standards

Binance, the world’s leading cryptocurrency exchange, has announced the discontinuation of support and trading for four altcoins on both spot and margin pairs.

Effective June 17, Binance revealed plans to delist Waves (WAVES), OmiseGo (OMG), Wrapped NXM (WNXM), and NEM (XEM).

This move aligns with Binance’s routine assessment of each digital asset, ensuring they maintain a high standard and meet industry requirements. According to Binance’s blog post, the exchange conducts thorough reviews to adapt to market changes while prioritizing user service and protection.

During the evaluation process, factors such as trading volume, liquidity, network stability, safety, fraudulent activities, and regulatory compliance are considered.

Furthermore, Binance stated that deposits for these altcoins will cease to be credited to user accounts after June 18. Additionally, withdrawals for these four tokens will not be supported after September 18, 2024.

Following the delisting announcement, WAVES experienced a significant drop of 25%, currently trading at $1.67. Investors responded by adjusting their holdings, leading to a notable surge in trading volume of over 1340%.

Binance Halts Cash Payments for P2P Trades in India

Meanwhile, Binance’s India division has ceased offering cash payment options for peer-to-peer trades.

The decision to discontinue cash payments has impacted local traders who previously relied on the Indian rupee (INR) option to circumvent tax regulations.

Purushottam Anand, the founder of Bengaluru-based blockchain firm Crypto Legal, highlighted the risks associated with P2P cash transactions. He stated that such transactions expose parties to significant physical and financial dangers, regardless of whether an exchange is involved or not.

Anand further emphasized instances where traders have been subjected to physical assaults, compelled to transfer their virtual assets, or hand over cash during in-person meetings.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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